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)

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

Be careful then Skinny as these dip about this time of the year but pick up later.

I'll keep my eye on the 200ma - I've been in since December 2011.

JP Morgan Cazenove Overweight 133.20p 150.00p 150.00p Reiteration

Proposals to help struggling pubs get a fair deal

Pubs struggling to pay rent or beer prices could save thousands of pounds a year each, thanks to a new Code of Practice and the backing of a powerful Adjudicator, under proposals announced today by Employment Relations and Consumer Minister Jo Swinson.

Ministers want to make sure that pub tenants are treated fairly by pub companies and hope that the new proposals will save tenants £100 million per year. The Code would contain mandatory rules for all pub companies who own a certain number of pubs. In particular it would stop pub companies abusing the beer tie, which obliges tenants to sell certain types of beers often at high prices.

Under the proposals a new Adjudicator would have the power to:

· enforce the Code
· investigate any breaches, and
· deal with disputes through possible sanctions and fines

The proposals are contained in a consultation published today. The Code will apply to those pubs which own over 500 pubs, to focus on the part of the industry where almost 90 per cent of complaints are received. The consultation seeks views on whether this is a fair threshold.

8 Community pubs month was launched by CAMRA on 1 April, and follows the success for last year's event in which 6000 pubs nationwide held events and promotions.

Well done CAMRA.

Closed at 4 year high @150.30p

New high @152p

Half year results 16th May 2013.

Interim Results

FINANCIAL HIGHLIGHTS

· Group revenue - £358.1 million (2012: £342.1 million).

· Underlying operating profit - £66.6 million (2012: £67.6 million).

· Underlying PBT - £27.6 million (2012: £33.5 million), reflecting higher finance costs.

· Underlying earnings per share - 3.8 pence per share (2012: 4.7 pence per share).

· Innovative £101 million long-term financing - extends maturity of Group debt.

· Interim dividend - up 4.5% to 2.3 pence per share (2012: 2.2 pence per share).

· Current trading - good start to H2, which will benefit from £12 million profit initiatives.


STRATEGY AND OPERATING HIGHLIGHTS

· Destination and Premium

- Operating profit up 10%

- Like-for-like food sales up 2%, food mix up 2% to 52%

- Expect at least 20 new-builds to complete this financial year

- 2013 new-builds ahead of internal target

· Taverns

- Pressures on tenanted pubs continue

- 600 pubs now franchised

- Franchise like-for-like profits up 10%

· Brewing

- Ale volumes up 8%, strong growth in off-trade

· Chairman

- Roger Devlin appointed with effect from 1 September 2013


CURRENT TRADING - 6 WEEKS TO 11 MAY

· Destination and Premium - lfl sales up 6%: lfl food sales up 9%, lfl wet sales up 3%.

· Taverns and Leased - lfl profits ahead of last year.

· Brewing - in line with expectations.

N+1 Singer Buy 151.45 152.40 161.00 161.00 Reiterates

Liberum Capital Hold 149.15 152.40 - - Reiterates

Shore Capital Buy 148.70 - - Reiterates

Numis Add 148.70 165.00 165.00 Retains

10,000 Purchase this morning http://www.moneyam.com/action/news/showArticle?id=4597243

Well timed and near the lows of the day!

JP Morgan Cazenove Overweight 152.60 150.00 170.00 Retains

Goes Ex. Divi this week paying 2.30P