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 UPDATE

Marston's PLC issues the following update on trading for the year ended 30 September 2017. The preliminary results will be announced on 30 November 2017.

Trading
We made further progress in implementing our strategy, achieving growth in revenue and earnings led by the performance of wet-led pubs and brewing.

In Destination and Premium, like-for-like sales were 0.9% above last year. The more subdued summer trading and relatively stronger performance of wet sales compared to food sales was consistent with the market. A disciplined approach to pricing and promotions and good cost control contributed to the operating margin in Destination and Premium being only slightly below last year despite the continued cost pressures.

In Taverns, like-for-like sales were 1.6% above last year. These wet-led community pubs continue to benefit from greater consumer interest in local beers and craft drinks and the continuing development of our offers, together with the continued strong performance of pubs operated under franchise-style agreements.

In Leased, like-for-like profits are estimated to be up 1% compared to last year reflecting the high quality of our Leased estate, together with licensee stability.

In Brewing, we have had a transformational year including the successful acquisition of the Charles Wells Brewing and Beer ("CWBB") business in June, and growth in distribution through entering into long term agreements including Punch B and Hawthorn Leisure. The integration of CWBB is on track, and performance is in line with our expectations. Own-brewed volumes increased 6% demonstrating the strength of our brand portfolio and the acquisition of CWBB, and contributed to market share growth in the on trade and the off trade.

Estate Expansion
We completed 19 new pubs and bars and eight lodges. Openings were weighted towards the end of the financial year, and four pubs planned for September will open in late October.

In the 2018 financial year we now expect to open 15 pubs and bars, and six lodges. This modest trimming of our openings programme reflects a degree of caution given recent subdued market conditions, but our investment criteria are unchanged. Our new pubs continue to open strongly and the performance of those opened in recent years remains good and in line with targets. We remain confident that investment in new pubs and bars creates shareholder value, and is an important component of our strategy to achieve organic growth. We have a good pipeline of sites beyond 2018.

Outlook
Sales and profits for the year are ahead of last year, and we target further growth in 2018. There is no significant change to the cost trends highlighted previously, but we have identified cost savings of approximately £5m per annum including the recently announced reorganisation of the pub operational structure, demonstrating that we are alert to opportunities to mitigate ongoing cost increases.

Ralph Findlay, Chief Executive Officer, commented:
"Our priority is to focus on quality, service and standards. We are well placed to continue to implement our growth strategy through investment in higher quality pubs and bars and through our unrivalled beer brand range supported by high customer service standards.''

A 10/10 update in my view.

Numis Add 109.50 125.00 125.00 Reiterates

Shore Capital Buy 109.50 - - Reiterates

Liberum Capital Buy 109.50 140.00 140.00 Reiterates

Peel Hunt Add 109.50 140.00 125.00 Reiterates

A flying visit last Wed lunchtime on behalf of shareholders at the https://www.fishermanscotpub.co.uk/ found a surprisingly busy lunchtime for this out of the way pub with many people tucking into food.

Looks good Stan - I've had my shareholder card for 6 years and still not managed to use it!

A disgraceful breach of benefit Skinny...you must dispatch said card to me immediately so I may argue a further discount on my bill next time 😄

Tiverton---that's a long way down for you Stan, btw I hope you had an expensive meal.

Always worth a look - Shareholder benefits, discounts and perks

Crumbs! thanks for that list Skinny I had no idear there were so many of them.

George, I do travel within my own Country...Unlike most narrow minded Tories.

The 20% discount went down very well thank you.

I don't know any narrow minded Tories Stan.

I'm glad you enjoyed your meal, I guess you would recommend a visit? I've never been there but if in the area may take a look.

Finals due 30th Nov.

I don't know any narrow minded Tories Stan. Pull the other one 😂

Rumours of a divi cut but they still seem a well run outfit to me.

Rumours? From where Stan?

Think it was in the IC George.

Thanks Stan

Finals tomorrow

Preliminary Results


- Profit growth in all trading segments
- Operating cash flow up 17% to £213.6 million, offset by initial working capital impact from Charles Wells Beer Business ("CWBB")
- Pro-forma leverage down 0.1x to 4.7x, fixed charge cover unchanged at 2.6x
- Return on capital of 10.7%, 94% freehold asset base, NAV 147p per share

· Improving quality of pub estate

- Average profit per pub up 2%
- 19 pubs and bars opened, 9 pubs and bars acquired
- Eight lodges opened, taking estate to over 1,250 rooms

· Market-leading beer business continues to demonstrate growth

- Acquisition of CWBB
- Strong brand portfolio continues to outperform market
- Further market share growth, with 21% share of premium packaged ale and 20% share of premium cask ale
- Supply chain expertise secures three significant distribution contracts with Punch B, Hawthorn Leisure and Brakspear, totalling c.1,700 pubs

· Final dividend up 0.1p to 4.8p per share; full year dividends up 2.7% to 7.5p per share. Dividend cover maintained at 1.9x.

· Well positioned for growth in 2018

- Like-for-like sales growth in pub estate in first seven weeks of period
- Target to open 15 pubs and bars and 6 lodges in the coming year including our largest 100+ room lodge to date in Ebbsfleet
- Integration of CWBB going well and synergies on track

Commenting, Ralph Findlay, CEO said:

"We have achieved strong revenue growth and higher earnings, despite increasing employment and property costs. Our business has been transformed in recent years with a significant improvement in the quality of both our pub and beer businesses. While political and economic uncertainty is likely to continue, we remain confident that our proposition founded on providing great customer experiences, the very best service and value for money, leaves Marston's positioned to deliver further growth in the year ahead."


Forthcoming Events
Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website - www.marstons.co.uk/investors

AGM Trading update 23 January 2018
2018 Interim results 16 May 2018
2018 Preliminary results 21 November 2018


more.....

Peel Hunt Buy 117.25 130.00 130.00 Reiterates

Shore Capital Buy 117.25 - - Reiterates

Liberum Capital Buy 117.25 140.00 140.00 Reiterates

N+1 Singer Buy 116.95 - 120.00 Reiterates

Decent results and divi increased a smidgeon with good cover makes MARS a good stock for income as well as growth.

Numis Add 115.70 125.00 125.00 Reiterates

XD (4.8p) on Thursday