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)

Year-End Trading Statement & Director Appointment

Our performance for the year has been resilient against the challenging economic backdrop and the very wet weather during the summer months. Earnings before tax and exceptional items are in line with our expectations.

In managed pubs, like-for-like sales were 2.2% ahead of last year including like-for-like food sales growth of 2.4% and like-for-like wet sales growth of 2.1%. Operating margins were slightly ahead of the previous year.

We completed 25 new pub-restaurants with investment returns remaining strong and above target. The impact of our new-build programme over the past three years has been significant, substantially increasing our exposure to the informal dining market and contributing to continuous improvement in the quality of our pub estate. We aim to continue to develop our managed pub estate at a similar rate of growth for the foreseeable future, and have a clear development pipeline including 20-25 sites planned for completion in the 2013 financial year subject to planning.

In our leased, tenanted and franchised pubs, operating profits are estimated to be around 3% ahead of last year. This improvement is principally due to the growth of our franchised estate, which now constitutes around 500 pubs. Pubs operated under the traditional leased and tenanted model contributed profits in line with last year.

In brewing, our own-brewed beer volumes are 2% higher than last year with growth in both premium cask and bottled ales.

Another at 12 month highs @117.8p

12 Month high 120.2p

A healthy set of interims today from FSTA will hopefully give a fillip to the sector.

Well FSTA results received well today, but not the sector at least not today. See what next week brings with this one.

Ironically, London Pride is one of my top 5 ales.

One of mine to and it does travel pretty well.

Preliminaries out tomorrow, let's hope for a boost in SP.

I'll drink to that!

Final Results

FINANCIAL HIGHLIGHTS

· Group revenue up 5.5% to £719.7 million (2011: £682.2 million)
· Underlying profit before tax of £87.8 million up 9.2% (2011: £80.4 million)
· Managed like-for-like (lfl) sales up 2.2% with underlying operating margins up 0.2%
· Tenanted and Franchised operating profit up 3.2%
· Brewing revenue up 6.8% and operating profit up 0.6% with Group ale volumes up 2%
· Estate valuation in line with 2011 carrying value, as previously reported
· Cash return on capital employed up 0.9% to 10.7%
· Underlying earnings per share up 9.8% to 12.3 pence per share
· Final dividend of 3.9 pence per share, up 5%

STRATEGY HIGHLIGHTS

· Managed pub development - 25 new-build pubs completed with performance ahead of target; on track to build another 20-25 in 2013
· The 'F-Plan', value and service - food lfl sales up 2.4% now representing 44% (2011: 42%) of sales; over 28 million meals sold
· Managed pub formats - lfl sales growth in destination food pubs, traditional community pubs and premium pubs and bars
· Tenanted and franchised pub development - franchise agreements implemented in around 500 pubs, achieving strong profit growth
· 'Localness' and premium ale strategy - retained market leading shares in premium cask ale and bottled ale segments, with 1% market share growth in 2012

CURRENT TRADING - 8 WEEKS TO 24 NOVEMBER 2012

· Managed lfl sales up 2.0% including lfl food sales up 3.4% and lfl wet sales up 0.9%
· Tenanted and Franchised profits estimated to be up 3%
· Own-brewed volumes are in line with our expectations

Commenting, Ralph Findlay, Chief Executive Officer, said:
"These results demonstrate resilience despite the weak economy and very poor weather during the summer. All areas of the business achieved increased revenue and profit in the year, demonstrating the continuing appeal of good pubs and beers.

The economy is likely to remain weak for the foreseeable future, but we have a clear, proven strategy which is appropriate for current market conditions, and which is achieving growth."

I don't know what was expected, but they look all right to me especially in the current climate.

Stan, I think the CEO'S comment sums it up rather well.

Panmure Gordon Buy 124.45 124.30 130.00 135.00 Reiterates

Numis Add 124.45 124.30 145.00 145.00 Retains

Jefferies Buy 124.60p 135.00p 135.00p Reiteration

Love OXFORD GOLD.

Only finished up under 1% but won't be surprised to see more from these over the coming weeks.

I.C. Final results from brewer Marston’s (MARS) show continued solid progress with group revenues up by 5.5 per cent to £719.7m and underlying profits up by 9.2 per cent to £87.8m. We keep our buy rating.

Numis Add 121.10 125.00 145.00 145.00 Retains

Oriel Securities Buy 121.10 125.00 - - Reiterates

Ex. divi drop today so great time to add which I've done.

Even cheaper now 118.80p.

The Capital Group Companies >3%