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)

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.

Peel Hunt Add 145.25 150.00 160.00 Downgrades

Figures due tomorrow hope they are better than M&B which are out today

I doubt it very much, M&B have been a useless outfit as long as I've been share shifting.

I don't hold M&B and I've not followed them at all Stan. MARS will have some similarities to M&B re pricing/cost pressures, just have to wait until tomorrow.

Agreed George but in Findlayson (?spelling) MARS have a smart cooky IMHO.

Interim Results

· Revenue and earnings growth despite late Easter

- Revenue and earnings growth despite Easter falling later this year in second half
§ Easter impact on profit before tax estimated at £1.5 million
- Statutory profit before tax up 61% reflecting positive movement in valuation of swaps
- Leverage maintained at 5.0x, fixed charge cover improved to 2.6x

· Improving quality of pub estate
- Average profit per pub up 3% in first half year
- Four pubs and bars opened
- Three lodges opened, taking estate to over 1,000 rooms

· Market-leading beer business continues to demonstrate growth
- Strong brand portfolio continues to outperform market
- Further market share growth, with 26% share of premium bottled ale and 19% share of premium cask ale

· Interim dividend up 3.8% to 2.7p per share


· Acquisition of Charles Wells Brewing and Beer Business for £55 million (see separate
announcement)
- Transaction to be funded from the proceeds of an equity placing to raise 9.9% of issued
share capital announced today (see separate announcement)

· Current trading (for 30 weeks incorporating Easter) remains encouraging

- Destination and Premium like-for-like sales up 1.6%; operating margins in line with last year
- Taverns like-for-like sales up 1.7%; Leased like-for-like profits up 2%
- Own-brewed beer volumes up 2%
- On track to open 23 pubs and bars and 8 lodges in current financial year
- Acquisition of three Pointing Dog Premium pubs in May and agreement to purchase seven Destination and Premium pubs

Commenting, Ralph Findlay, CEO said:


"Marston's has been transformed over the last 10 years by the consistent implementation of our established strategy. In that time, we have built around 200 pubs on new sites representing 60% of the Destination estate today, and we have developed a leading premium pubs and bars business. The Taverns estate has been repositioned, having sold around 1,000 pubs and introduced pioneering franchise-style agreements designed for community pubs. In Brewing, we lead the premium ale market and benefit from a growing contribution from craft beers and international licensed brands, including premium European lager brands.

"Our market position will be enhanced by the acquisition of Charles Wells Brewing and Beer Business and we remain confident our strategy will continue to create value for shareholders."

Acquisition of Charles Wells Brewing and Beer Business for £55 million

Marston's PLC ("Marston's" or "the Group") today announces that it has agreed to acquire the Charles Wells brewing business from the Charles Wells Group for a cash consideration of £55 million, plus working capital adjustments.

Based in Bedford, Charles Wells Brewing and Beer Business is an established high quality brewing business with a portfolio of more than 30 beers including leading brands such as Bombardier, Young's and McEwan's. In addition, the business has UK distribution rights for the Estrella Damm lager brand and other beers under license including Kirin and Erdinger. As part of this acquisition, we have entered into a long-term exclusive agreement to supply all beer, wine, spirits and minerals to the Charles Wells pub estate. The brewery site, which is freehold, employs around 300 people.

The Charles Wells Brewing and Beer Business acquisition complements the existing Marston's Beer Company strategy:

· Extends our number 1 position in the premium bottled ale and cask ale markets, and enhances our share of the premium canned market.
· Strengthens our presence in London and the South East and presents a platform to expand into Scotland.
· Develops our licensed brands business.
· Expands our production capabilities to include lager brewing and canning, whilst improving production and distribution efficiency.

Furthermore, there is a strong financial rationale for the Charles Wells Brewing and Beer Business acquisition:

· Enterprise value of £55 million equates to 9x current EBITDA before synergies.
· Transaction to be funded through equity placing as announced today (see separate announcement).
· Expected synergies of £4 million to be achieved by financial year 2019.
· ROIC expected to exceed 18% in third full year.



Rationale for the Charles Wells acquisition

Marston's Beer Company ("MBC") has deployed a consistent strategy over the last five years to become the UK's leading premium beer business. Today, MBC has an experienced senior team and holds leading market share in both the premium bottled and premium cask ale markets. MBC takes a local approach to its brewing capabilities via its portfolio of five regional breweries located throughout England and has recently extended its focus to licensed brands, including Shipyard, which is now the number 2 Craft Beer in the UK, as well as the Warsteiner, Kruzovice and Kingstone Press brands.

MBC has also successfully enhanced shareholder value through acquisitions, most recently through the £25 million purchase of the Thwaites beer business in 2015. Since acquisition the Thwaites beer brands have performed strongly, delivering synergies in line with expectations and returns well in excess of the Group average.

Charles Wells Brewing and Beer Business presents an excellent opportunity which is consistent with our strategy. With a brand portfolio which will not only increase our ale market share from 11% to 16%, this acquisition will also strengthen our representation in London and the South East, and present an opportunity through the McEwan's brand to expand into Scotland. Charles Wells Brewing and Beer Business also brings with it significant expertise in licensed brands most notably its portfolio includes the growing Estrella Damm lager brand which represents a significant opportunity. From a supply chain perspective, Charles Wells offers lager brewing and canning capacity of scale, activities which are not currently undertaken by Marston's. In addition, the acquisition presents opportunities to further improve efficiencies in brewing, packaging and logistics.

Charles Wells Brewing and Beer Business financial profile

For the financial year ended 30 September 2016, Charles Wells Brewing and Beer Business generated revenues of £92 million, EBITDA of £6 million, operating EBIT of £5 million on a 52 week basis and net tangible assets of £36 million. Marston's estimates it can generate operational improvements similar to those achieved in previous acquisitions and has identified potential costs savings of £4 million by financial year 2019, with the majority being realised in financial year 2018.

Transaction details and timing

Marston's intends to finance the acquisition from the proceeds of an equity placing announced today, which represents 9.9% of Marston's issued share capital.

Completion of the acquisition is expected in June 2017, following completion of the appropriate consultation procedures.

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