Last checked at 26 Jul 2017 07:00
26 July 2017
MARSTON'S PLC
TRADING UPDATE
42 weeks to 22 July 2017
Marston's PLC (the "Group") issues the following Trading Update for the 42 weeks to 22 July 2017.
Trading
In Destination and Premium, like-for-like sales for the 42 week period were 1.3% ahead of last year. In the most recent 12 weeks of the period, like-for-like sales were up 0.6% which continues to be ahead of the market. As we previously guided, operating margins are slightly below last year in line with our expectations. With regard to the cost outlook for 2018 our guidance remains unchanged from that provided at our Interim results in May.
We remain on track to meet our growth targets for 23 new pub-restaurants and bars in the current financial year in addition to eight lodges.
In Taverns, like-for-like sales for the 42 week period were 1.9% ahead of last year, with growth of 2.4% in the last 12 weeks of the period, principally reflecting the benefits of the warm weather in June.
In Leased, profits for the 42 week period are estimated to be 2% ahead of last year.
In Brewing, own-brewed beer volumes were up around 4% compared to last year reflecting the continued good performance of our underlying business and the benefits of the acquisition of Charles Wells Brewing and Beer Business. The integration of the business is proceeding as planned.
Commenting, Ralph Findlay, Chief Executive Officer, said:
"We remain encouraged by our continued market outperformance and focused on delivering sustainable growth and maximising return on capital in an evolving market place.
"Our transformed pub estate continues to deliver positive like for like growth across all three divisions. We benefit from an operating structure which spans food-led destination and wet-let community pubs, accommodation and brewing, maintaining a good balance within our brand portfolio and broad consumer appeal.
"The Charles Wells brewing and beer business is bedding in well, further underpinning our leadership in the UK ale market. We are on track to complete our new-build and lodge expansion plans. We remain confident of delivering further profitable progress for the full financial year."
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
Year-end trading statement | 10 October 2017 |
2017 Preliminary results | 30 November 2017 |
2018 Interim results | 16 May 2018 |
2018 Preliminary results | 29 November 2018 |
ENQUIRIES
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Marston's PLC Tel: 01902 329516 | Instinctif Partners Tel: 020 7457 2020 | |
Ralph Findlay, Chief Executive Officer | Justine Warren | |
Andrew Andrea, Chief Financial Officer | Matthew Smallwood | |
NOTES TO EDITORS
· Marston's is a leading pub operator and independent brewer.
· It has an estate of around 1,550 pubs situated nationally, comprising managed, franchised and leased pubs.
· It is the UK's leading brewer of premium cask and bottled ales, including Marston's Pedigree, Thwaites Wainwright, Lancaster Bomber and Hobgoblin. The beer portfolio also includes Banks's, Jennings, Wychwood, Ringwood, Brakspear and Mansfield beers. Following the acquisition of Charles Wells brewing business, Marston's has added Bombadier, Courage and McEwan's to its brand portfolio most recently, as well as the license to brew and distribute Estrella Damm and Young's beers.
· Marston's employs around 13,000 people.