Marstons Regulatory News (MARS)

26 Jan 2007 07:00

Marston's PLC26 January 2007 26th January 2007 MARSTON'S PLC AGM STATEMENT At the Annual General Meeting to be held at 12 noon today, Ralph Findlay, ChiefExecutive, will give the following up-date on the Company's progress since thestart of the current financial year on 1 October 2006: "Our good start to the new financial year, as reported in our PreliminaryResults Announcement on 1 December 2006, continued over the Christmas and NewYear trading period. In Marston's Inns & Taverns, our managed pub division, like-for-like sales were7.0 % ahead of last year in the 16 weeks to 20 January 2007. As previouslyreported, like-for-like sales were 9.1% ahead of last year in the 8 weeks to 25November 2006, and in the following 8 weeks to 20 January 2007 were 5.2 % aheadof last year. Strong growth in food sales contributed to this good performance.In Marston's Pub Company, our tenanted and leased pub division, trading hasremained good and is ahead of last year. Marston's Beer Company achieved strongvolume and market share growth in premium ale against a weak beer marketoverall, with total beer volumes marginally below last year. Overall, our performance and cash flow has been in line with our expectations. Marston's Inns and Taverns new-build programme is progressing well, with 6 newmanaged pub openings in Brighton, London, Hertfordshire, Cheshire, Nuneaton andBristol. Marston's Pub Company has acquired 39 tenanted or leased pubs to date, includingthe acquisition of Sovereign Inns for £19.4 million on 16 January 2007.Sovereign Inns comprises an estate of 33 freehold pubs located principally inYorkshire, Nottinghamshire and Lincolnshire. Our preparations for the smoking ban are well advanced in both Marston's Innsand Taverns and Marston's Pub Company. The ban will apply in Wales from April2007 and in England from July 2007, by which time we will have investedapproximately £20 million in outside areas, mainly in pub gardens and patios -facilities which are available in around 90% of our pubs. On 25th January we announced the acquisition of Eldridge Pope for £155.1million. This acquisition is an excellent geographical and operational fit, andoffers further opportunities for investment and distribution of our beer brands. Following the acquisition of Eldridge Pope, Marston's retains balance sheetstrength and financial flexibility. As stated in the Preliminary ResultsAnnouncement on 1 December 2006, the Company aims to return around £100 millionto shareholders this financial year notwithstanding the acquisition of EldridgePope, subject to retaining flexibility to make acquisitions should suitableopportunities arise.' ENQUIRIES: Marston's PLC Hudson Sandler Ralph Findlay, Chief Executive Andrew Hayes / Nick Lyon Paul Inglett, Finance Director Tel: 01902 329516 Tel: 020 7796 4133 This information is provided by RNS The company news service from the London Stock Exchange