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)

N+1 Singer Buy 144.65 161.00 161.00 Reiterates

Full year results tomorrow - 28th.

Ah yes. So they are.

Final Results

FINANCIAL HIGHLIGHTS

· Group revenue - up 9% to £782.9 million (2012: £719.7 million).

· Underlying operating profit - up 7% to £168.3 million (2012: £157.9 million).

· Underlying PBT - up 1% to £88.4 million, despite higher interest costs.

· Return on capital - 0.5% improvement versus 2012.

· Final dividend - up 5% to 4.1 pence per share.

· Bank facility extension to November 2018 - extends maturity of Group debt.

· Current trading - encouraging start to year.


OPERATING HIGHLIGHTS AND STRATEGY

· Destination and Premium - strong sales and profit growth driven by new-build investment, including 22 openings in the year, performing ahead of target

· Taverns - H2 profit growth in managed pubs and 600 pubs converted to franchise

· Brewing - revenue and profit up with increased market share

· Acceleration of new-builds - increased planned rate of expansion of new-builds to 25-30 sites per annum

· Disposals of lower turnover wet-led pubs

- 130 pubs and other assets sold or exchanged during the year for c.£50 million

- Agreement to dispose of 202 sites for £90 million at 7.6x EBITDA multiple

- Target £60-70 million disposals per annum in 2014 and 2015 from Taverns estate


CURRENT TRADING - 7 WEEKS TO 23 NOVEMBER

· Destination and Premium -like-for-like sales up 3.1%; like-for-like food sales up 4.6%; like- for-like wet
sales up 1.0%

· Taverns- managed and franchised like-for-like sales up 2.1%; tenanted profits in line with
expectations

· Leased - like-for-like profits in line with last year

· Brewing - in line with expectations

Disposal of 202 pubs

NewRiver to acquire portfolio of 202 public houses from Marston's Plc

Well on the surface of it that pub sell-off looks very good for Marstons.

Looks like it Stan, this sentence sums it up.

" This disposal is consistent with Marston's strategy to target growth through investment in higher turnover pub-restaurants, improve the quality of its estate and reduce its exposure to smaller wet-led pubs. "

Yes, sounds very positive and consistent.

N+1 Singer Buy 156.90 155.10 157.00 157.00 Reiterates

Numis Buy 156.95 155.10 185.00 185.00 Retains

Down nearly 7%, presumably becuase of this

British pub and brewing company Marston's (>> Marston's PLC) said rising sales, strong Christmas bookings and plans to concentrate more on food-focused outlets will boost its prospects after posting full-year pretax profit slightly below analysts' forecasts.

I've bought back some of the portion that I sold in September - something I wasn't expecting this morning!

Hope you got them before that dive this morning.

I bought them late on @143p

Oh good, I was very surprised to see them down so much not only because they do seem to be doing things right but with the festive season coming up as well.

I sold some of my long term holding in September @164.28 - so reasonably happy - time will tell.

JP Morgan Cazenove Neutral 143.70 143.70 140.00 160.00 Reiterates

N+1 Singer Buy 0.00 150.30 157.00 163.00 Reiterates

Jefferies International Buy 144.95 145.20 155.00 180.00 Upgrades

WH Ireland Securities Buy 154.00 154.00 - - Upgrades

Numis Buy 155.45 153.50 185.00 185.00 Retains