Marston’s has delivered a strong set of interims, beating our PBT forecast by 5%. This translates into double digit EPS growth of 12%. There is further evidence solid LFL outperformance and a positive directional showing from a net- cashflow and BS leverage perspective. With two-third of profits generated in H2 we make no forecast changes at the juncture. Given fears in some quarters of downside risk to numbers going into these results we expect a positive share price reaction, thereby reversing recent weakness. The strength and tenor of today’s results reinforces the improved quality of Marston’s earnings and strength of the overall offering. We stay at a Buy with a 182p 12m TP.
