I bought into these in December last year, primarily for the yield, but also for the potential growth of one of the better companies in their sector.


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Marston's Fundamentals (MARS)

YEAR-END TRADING UPDATE

Marston's PLC ("the Group") issues the following update on trading for the year ended 1 October 2016. The preliminary results will be announced on 24 November 2016.

Trading
We have made good progress this year with underlying profit before tax in line with management expectations.

In Destination and Premium, like-for-like sales were 2.3% ahead of last year including food like-for-like sales growth of 1.7% and wet like-for-like sales growth of 2.3%, underpinned by strong growth in room income. In the last 10 weeks of the period like-for-like sales have grown 1.8%. Operating margin is in line with last year and we completed 22 new pubs and bars and six lodges in the financial year just ended. In the 2017 Financial Year we plan to open at least 22 pubs and bars and at least five lodges with the openings programme weighted towards the second half year. We continue to have a good pipeline of sites to maintain similar levels of expansion for the foreseeable future.

In Taverns, like-for-like sales were 2.7% ahead of last year, with growth of 2.0% in the last 10 weeks including a strong performance in our franchise estate.

In Leased, like-for-like profits are estimated to be up 2% compared to last year.

In Brewing, our beer brands have performed very strongly, with own-brand volumes up 13% for the financial year and profits in line with management expectations.

Excellent volume on Friday.

Full year results 2016: 24th November 2016

From yesterday's telegraph :- Marstons push to premium food and beer pays off

Yet the sp is somewhat underwhelmed to say the least.

Preliminary Results

- Profit growth in all trading segments
- Operating cash flow up 13% to £182.8 million
- Leverage reduced 0.3x to 4.8x, fixed charge cover up 0.1x to 2.6x
- Return on capital up 0.1% to 10.9%

· Transformed pub estate generating growth opportunities:
- Average profit per pub up 8% in 2016, up around 50% since 2012
- 22 new pubs and bars completed this year, creating around 1,000 jobs
- Six lodges opened, taking estate to over 950 rooms
- Like-for-like sales up 2.3% in Destination and Premium, up 2.7% in Taverns
- Leased average profit per pub up 3%

· Local strategy and innovation creating growth in Brewing:
- Strong brand portfolio continues to outperform market with volumes up 13%
- Increased market share to 27% of premium bottled ale and 20% of premium cask ale markets
- Thwaites' beer business fully integrated and achieving targets

· Final dividend up 4.4% to 4.7p. Dividend cover up 0.1x to 1.9x.

· Well positioned for growth in 2017:
- Encouraging start to new financial year
- Target to open at least 20 new-build pub-restaurants in the coming year, including 3 Revere bars and
5-10 lodges, weighted towards the second half
- Continued focus on premium and craft beer to drive growth, energized branding of Marston's beer
brands and development of DE14 craft micro-brewery

more.....

Panmure Gordon Buy 132.60 175.00 175.00 Retains

Shore Capital Buy 132.60 - - Retains

Canaccord Genuity Hold 132.60 150.00 150.00 Reiterates

At 132.60p MARS is on a PE of around 10.5 a growing well covered divi of 5%+ I reckon it's time to top up.
2517

Board Appointment


Marston's PLC is pleased to announce the appointment of Matthew Roberts to the Board as a Non-Executive Director, with effect from 1 March 2017. He will also be a member of the Audit Committee.

Matthew brings with him significant experience of both the property and multisite consumer retail and leisure sectors. He is currently Chief Financial Officer of Intu Properties plc (previously Capital Shopping Centres plc), a FTSE100 listed business.

Prior to this, Matthew was Chief Financial officer of Gala Coral Group Ltd from 2004 to 2008.

He held a number of senior roles with The Burton Group from 1989 to 1998, spanning group finance, corporate development and IT, during which time he lead the demerger of Debenhams in 1998. He was Finance Director of Debenhams from 1996 to 2003.

Matthew is a qualified Chartered Accountant (FCA), having trained with Coopers & Lybrand from 1985 to 1989, where he worked across corporate finance, audit and business service departments before moving into retail.

There are no further details required to be disclosed under LR 9.6.13 of the FCA Handbook.

XD 4.7p on thursday.

Royal Asset sell a few http://www.moneyam.com/action/news/showArticle?id=5482523

AGM TRADING UPDATE


Marston's PLC issues the following Trading Update for the 16 week period to 21 January 2017 in advance of the Company's Annual General Meeting to be held at noon today.

Trading
Our performance in the financial year to date has been encouraging, including good trading over the Christmas and New Year period despite tough comparatives.

In Destination and Premium, like-for-like sales were 1.5% ahead of last year including like-for-like food sales growth of 0.6%, wet like-for-like sales growth of 1.4% and strong growth in room income. Importantly, operating margins are in line with last year. Our plans to open at least 20 new pub-restaurants and bars and five lodges in the current financial year are on track.

In Taverns, managed and franchise pub like-for-like sales were 1.5% ahead of last year.

In Leased, profits are estimated to be around 2% ahead of last year.

In Brewing, our strong brand portfolio has performed well with own-brewed volume up 3% in the year to date and operating margins slightly ahead of last year.

Since it is still early in the financial year our expectations for the full year are unchanged. We will announce our Interim Results for the 26 weeks to 1 April 2017 on 17 May 2017.

Ralph Findlay, Chief Executive, commented:
"We traded well over the Christmas period with like-for-like sales growth for the fifth successive year despite tough comparatives. In Brewing, we have continued to outperform and once again have achieved good growth with a particularly strong performance in the off-trade."

Looks like a solid update to me from this well run Company.

Agree Stan, wouldn't surprise me if the results turn out to be better than expected.
2517

Indeed George, time will tell.

Swines!

02 Feb Barclays Capital Underweight 133.65 140.00 130.00 Retains

Absolute cads!

I'll drink to that.

Dimensional Fund advices add.

Peel Hunt Buy 135.20 - 150.00 Initiates/Starts

Berenberg Buy 134.05 - 170.00 Initiates/Starts

Interim results 18th May, looking for continued growth following on from the November finals.