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)

JDW figures looked ok earlier - the price rose but is now down 1.4%.

GNK also toying with multi year lows.

Yet consumer spending on eating out is buoyant

The old adage of trade what you see.

Trading statement due 26 July, fingers crossed the market has got it wrong.

Peel Hunt Add 117.20 160.00 140.00 Reiterates

Trading Update

Trading

In Destination and Premium, like-for-like sales for the 42 week period were 1.3% ahead of last year. In the most recent 12 weeks of the period, like-for-like sales were up 0.6% which continues to be ahead of the market. As we previously guided, operating margins are slightly below last year in line with our expectations. With regard to the cost outlook for 2018 our guidance remains unchanged from that provided at our Interim results in May.

We remain on track to meet our growth targets for 23 new pub-restaurants and bars in the current financial year in addition to eight lodges.

In Taverns, like-for-like sales for the 42 week period were 1.9% ahead of last year, with growth of 2.4% in the last 12 weeks of the period, principally reflecting the benefits of the warm weather in June.

In Leased, profits for the 42 week period are estimated to be 2% ahead of last year.

In Brewing, own-brewed beer volumes were up around 4% compared to last year reflecting the continued good performance of our underlying business and the benefits of the acquisition of Charles Wells Brewing and Beer Business. The integration of the business is proceeding as planned.

Commenting, Ralph Findlay, Chief Executive Officer, said:

"We remain encouraged by our continued market outperformance and focused on delivering sustainable growth and maximising return on capital in an evolving market place.

"Our transformed pub estate continues to deliver positive like for like growth across all three divisions. We benefit from an operating structure which spans food-led destination and wet-let community pubs, accommodation and brewing, maintaining a good balance within our brand portfolio and broad consumer appeal.

"The Charles Wells brewing and beer business is bedding in well, further underpinning our leadership in the UK ale market. We are on track to complete our new-build and lodge expansion plans. We remain confident of delivering further profitable progress for the full financial year."

Forthcoming Events
Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website - www.marstons.co.uk/investors


Year-end trading statement
10 October 2017
2017 Preliminary results
30 November 2017
2018 Interim results
16 May 2018
2018 Preliminary results
29 November 2018

Numis Add 116.60 145.00 145.00 Reiterates

Peel Hunt Add 117.55 140.00 140.00 Reiterates

Shore Capital Buy 117.55 - - Reiterates

Another one! Good news and the share goes down like DOM. WHY???

It's a job to fathom it out at times, MARS decent news as you say parrisf and sp down 4%, ITV profits down sp up 2.5%.

Liberum Capital Buy 117.70 140.00 140.00 Reiterates

Canaccord - Hold target price reduced from 145p to 130p

Taken another hit today due to read across of GNK, trading update expected 10/10/17.

Trading Statement - 10th October 2017.

Not looking good.

I know that they have taken a downward path along with some others in the sector C/D but going forward after having reached the bottom IMHO I think they have a good future .

Year End Trading Statement tomorrow.

Yeah I know and I'm looking forward to this one.

Trading update http://www.moneyam.com/action/news/showArticle?id=5697397

YEAR-END TRADING UPDATE

Marston's PLC issues the following update on trading for the year ended 30 September 2017. The preliminary results will be announced on 30 November 2017.

Trading
We made further progress in implementing our strategy, achieving growth in revenue and earnings led by the performance of wet-led pubs and brewing.

In Destination and Premium, like-for-like sales were 0.9% above last year. The more subdued summer trading and relatively stronger performance of wet sales compared to food sales was consistent with the market. A disciplined approach to pricing and promotions and good cost control contributed to the operating margin in Destination and Premium being only slightly below last year despite the continued cost pressures.

In Taverns, like-for-like sales were 1.6% above last year. These wet-led community pubs continue to benefit from greater consumer interest in local beers and craft drinks and the continuing development of our offers, together with the continued strong performance of pubs operated under franchise-style agreements.

In Leased, like-for-like profits are estimated to be up 1% compared to last year reflecting the high quality of our Leased estate, together with licensee stability.

In Brewing, we have had a transformational year including the successful acquisition of the Charles Wells Brewing and Beer ("CWBB") business in June, and growth in distribution through entering into long term agreements including Punch B and Hawthorn Leisure. The integration of CWBB is on track, and performance is in line with our expectations. Own-brewed volumes increased 6% demonstrating the strength of our brand portfolio and the acquisition of CWBB, and contributed to market share growth in the on trade and the off trade.

Estate Expansion
We completed 19 new pubs and bars and eight lodges. Openings were weighted towards the end of the financial year, and four pubs planned for September will open in late October.

In the 2018 financial year we now expect to open 15 pubs and bars, and six lodges. This modest trimming of our openings programme reflects a degree of caution given recent subdued market conditions, but our investment criteria are unchanged. Our new pubs continue to open strongly and the performance of those opened in recent years remains good and in line with targets. We remain confident that investment in new pubs and bars creates shareholder value, and is an important component of our strategy to achieve organic growth. We have a good pipeline of sites beyond 2018.

Outlook
Sales and profits for the year are ahead of last year, and we target further growth in 2018. There is no significant change to the cost trends highlighted previously, but we have identified cost savings of approximately £5m per annum including the recently announced reorganisation of the pub operational structure, demonstrating that we are alert to opportunities to mitigate ongoing cost increases.

Ralph Findlay, Chief Executive Officer, commented:
"Our priority is to focus on quality, service and standards. We are well placed to continue to implement our growth strategy through investment in higher quality pubs and bars and through our unrivalled beer brand range supported by high customer service standards.''

A 10/10 update in my view.

Numis Add 109.50 125.00 125.00 Reiterates

Shore Capital Buy 109.50 - - Reiterates

Liberum Capital Buy 109.50 140.00 140.00 Reiterates

Peel Hunt Add 109.50 140.00 125.00 Reiterates