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)

From Today's IMS.

MARSTON'S PLC

INTERIM RESULTS FOR THE 26 WEEKS ENDED 31 MARCH 2012

Growth in all divisions and increased interim dividend

FINANCIAL HIGHLIGHTS

· Group revenue up 7.6% to £342.1 million (2011: £317.9 million).
· Underlying profit before tax up 14.7% to £33.5 million (2011: £29.2 million).
· Managed like-for-like (lfl) sales up 3.6%; underlying operating margins up 0.3%; operating profit up 6.8%.
· Tenanted and Franchised operating profit up 3.1% with improving trend.
· Brewing revenue up 6.6%; operating profit up 2.7%.
· New swap arrangements reduce annual interest costs by £2-3 million to 2020.
· Underlying earnings per share up 14.6% to 4.7 pence per share (2011: 4.1 pence per share).
· Interim dividend up 5% to 2.2 pence per share (2011: 2.1 pence per share), with increase in dividend cover to 2.1x.

STRATEGY HIGHLIGHTS

· Managed pub development - On target to complete 25 new-build pubs this financial year, continuing to achieve strong returns with an EBITDA ROC of 18.5%.
· The 'F-Plan' - 11% increase in main meals served; food sales now represent 43% of retail sales.
· Franchised pub development - Implemented in 419 pubs to date with profit uplift in line with targets.
· Market leader in premium ale - Group ale volumes up 2%, with strong growth and market share gains in premium ale.

CURRENT TRADING - 32 WEEKS TO 12 MAY

· Managed lfl sales up 2.4% including lfl food sales up 2.7% and lfl wet sales up 2.3%.
· Tenanted and Franchised profits estimated to be up 3%.
· Own-brewed volumes in growth.

Commenting, Ralph Findlay, Chief Executive Officer, said:
"We have delivered a good performance in the first half year against a weak consumer backdrop. Our growth in revenue and earnings was underpinned by our strategic focus on delivering value, high service standards and a quality offering to our consumers and customers. Our confidence that we are well positioned for the future is reflected in our declared dividend increase."

Interim Management Statement

42 weeks to 21 July 2012


Trading
Our performance has been satisfactory in recent weeks in view of the very wet weather conditions affecting summer trading to date. We have continued to make progress across the business, with profitability in line with our expectations.

In managed pubs, like-for-like sales for the 42 week period 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%. In the 10 week period since 12 May, like-for-like sales increased by 1.6%. Operating margin is slightly above last year, and we remain on track to complete 25 of our high return new-build pub restaurants in the current financial year.

In our tenanted and franchised pubs underlying trends have continued to improve with operating profit estimated to be 3.2% ahead of last year. This reflects a strong performance in the franchise estate, which now operates in around 450 pubs, and continued stability and modest growth in the traditional tenanted and leased estate.

In brewing, we have continued to increase market share with own-brewed beer volumes up around 2% versus last year.

Net debt and cash flow are in line with expectations.

12 month high today @111p

Usually stay away from chains but have used one of their Pub/Hotels a couple of times over the last year to stay and must say it was very very good value. Only used the one but most impressed on service, quality and price.

£60m pubs boost as Banks’s sales soar

Sales of Banks’s beer are booming, bosses announced today, as they pledged to pump £60 million a year into keeping the pub industry alive.

The UK market for beer has plummeted by five per cent in the last 12 months.

But the introduction of bottled bitter into shops and Sunbeam ale in pubs has helped Wolverhampton-brewed Banks’s outperform its rivals.

Marston’s chief operating officer Alistair Darby said that demand for drinks produced at the historic Park Brewery was on the increase.

Change to the Board of Directors

Marston's PLC announces that Alistair Darby, Chief Operating Officer, is leaving to take up the role of Chief Executive at Mitchells & Butlers plc. He steps down from the Board with immediate effect, and will leave the Company at the end of September.

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.