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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Financial Calendar

Recent Broker notes

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Recent Market news

Marston's Fundamentals (MARS)

AGM and Interim Management Statement

Trading
We were encouraged by our trading performance during the Christmas and New Year period. Profitability is in line with our expectations and we continue to make good progress in each of our trading segments despite the broader economic challenges.

In our managed pubs, despite the significant impact of snow in the week ended 19 January, like-for-like sales for the 16 week period to 19 January were 1.2% ahead of last year. Like-for-like sales for the 15 week period to 12 January were 2.1% ahead of last year, including like-for-like food sales growth of 3.5% and like-for-like wet sales growth of 1.0%. Like-for-like sales in the 7 weeks to 12 January were up 2.2%, against growth of 8.0% in the same period last year. Trading over the festive period was strong including growth of 5.8% in the key three week trading period to 5 January and 10.0% on Christmas Day. Operating margins are slightly ahead of last year and our plans for building new pub-restaurants in the current financial year remain on track.

In our tenanted and franchised pubs, profits continue to grow. Profits for the 16 week period are estimated to be around 2% above last year reflecting the continuing success of our franchise model, now operating in around 550 pubs, and stability in the traditional tenanted estate.

In brewing, profits are in line with our expectations. Our brand performance has been very strong and ahead of the market, with own-brewed beer volumes 5% above last year driven by significant growth in the off-trade.

Net debt and cash flow are in line with our expectations.

We will announce our Interim Results for the 26 weeks to 30 March 2013 on 16 May 2013.

Peel Hunt Limited Buy 133.20p 145.00p 145.00p Reiteration

Liberum Capital Hold 133.20p 137.00p 137.00p Reiteration

Jefferies Buy 133.20p 150.00p 150.00p Reiteration

Stick in skinny, I was expecting the usual knee jerk profit taking to get back in on the spreads. Not happened so far :O( so good call.

Cheers Chris - I can't really see much downside here (famous last words).

It's the "way I tell 'em" DC -):

Keep in there boys.

Quietly making new highs today @137.7.

They are indeed.. Have one on me -):

It's a good Pedigree!

Boom boom!

I'm feeling a little bitter that I don't hold any of these! :o)

Me too.. And that's putting it Mildly -):

Boom! Boom! again!

New high today @144.20p

N+1 Singer Buy 141.95 141.40 - 161.00 Initiates/Starts

JP Morgan Cazenove Overweight 133.80 135.10 150.00 150.00 Retains

CHANGES TO PUB SEGMENTAL REPORTING AND TRADING UPDATE

Trading update

Snow and exceptionally cold weather throughout the UK in the three months to the end of March inevitably affected trading across our pub estate and we expect to report operating profit for the first half slightly below that of last year. As previously guided, the interest charge for the period will be higher, principally due to the step-up in securitised interest. However, our expectations for the overall trading performance for the full year remain unchanged.

As part of the operational restructuring described above and our ongoing focus on minimising costs, we expect to reduce operating costs by around £3m per year, with about half of this amount benefitting the results for the second half of this year. Trading has started well in the second half and we expect to benefit from less challenging sales comparatives for the remainder of the financial year. We have opened nine new pub restaurants in the financial year to date and anticipate opening at least 20 by the end of the year which, combined with the rollover benefit of the back-ended 2012 programme, will generate additional profit in the second half.

We will announce our Interim Results for the 26 weeks to 30 March 2013 on 16 May 2013.

This lot are off my Christmas card list!

Goldman Sachs Conviction Sell 0.00 132.40 - 113.00 Retains

May have a look at these at the beginning of July.

I'm still holding Stan - I'm 45% on original purchase + dividends.

Numis Buy 135.55 145.00 160.00 Upgrades

Shore Capital Buy 135.55 - - Reiterates

Liberum Capital Hold 135.55 - - Reiterates