In a dull sector Marston’s continues to deliver with all key metrics in today’s FY15 finals moving in the right direction. Moreover there is also strong evidence of the three year journey to improve the quality of earnings coming to the fore. PBT for FY15 is in line with consensus but EPS growth of 10% to 12.9p is 1.5% ahead. The group has had a good start to FY16 and we do not envisage much change to consensus expectations. Our Buy stance YTD has served us well with the shares +11%, and we continue to advocate a positive view on the grounds of an improving quality of earnings, high single-digit EPS growth outlook and dividend yield attractions.
