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)

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

Interesting coverage on Marstons further down the article chaps http://www.shropshirestar.com/news/2013/07/01/cheers-we-launch-shropshire-star-pub-week/

Schroders plc holding go's above 5%.

By the way Skinny I've just bought a pub.

Seriously?

Yes and no -): have a look http://ivyhousenunhead.com/

Stan - I know the pub and the area!

Oh good, Spill the beans then -): what's your opinion on the prospects? Wife and I know 2 people who live in the area and they say that the people behind it seem sound. Not to pleasant at night like a number of city areas, but think there are a lot worst.

great joke, the drinks are on you!

I haven't been over that way for about 10 years, but I used to live a couple of miles away in Dulwich.

Where the pub is was always a bit of a down area, but it and surrounding areas seem to have taken on Dulwich gentrification.

My favourite pub in the area was the Dulwich Clock House, but looking at the internal pictures, it seems to have been somewhat sanitised!

Gentrification is the word I agree, your pub doesen't get much of a write now here either http://www.beerintheevening.com/pubs/s/18/1844/Clock_House/East_Dulwich but sadly after the merger with Wells the Young pubs and ale have gone downhill in what Youngs pubs used to be like.

Yes it used to be a 'proper' Young's pub - the other one we used more in the summer was the Dulwich WoodHouse, but again, looking at the pictures - it too has been sanitised - it used to have a garden bar which was basically a flap in the wall that they opened during the summer.

It looks like they've built a bloody conservatory where it was and as for that fountain monstrosity!!!!