Last checked at 12 Oct 2016 07:00
MARSTON'S PLC 12 October 2016
YEAR-END TRADING UPDATE
Marston's PLC ("the Group") issues the following update on trading for the year ended 1 October 2016. The preliminary results will be announced on 24 November 2016.
Trading
We have made good progress this year with underlying profit before tax in line with management expectations.
In Destination and Premium, like-for-like sales were 2.3% ahead of last year including food like-for-like sales growth of 1.7% and wet like-for-like sales growth of 2.3%, underpinned by strong growth in room income. In the last 10 weeks of the period like-for-like sales have grown 1.8%. Operating margin is in line with last year and we completed 22 new pubs and bars and six lodges in the financial year just ended. In the 2017 Financial Year we plan to open at least 22 pubs and bars and at least five lodges with the openings programme weighted towards the second half year. We continue to have a good pipeline of sites to maintain similar levels of expansion for the foreseeable future.
In Taverns, like-for-like sales were 2.7% ahead of last year, with growth of 2.0% in the last 10 weeks including a strong performance in our franchise estate.
In Leased, like-for-like profits are estimated to be up 2% compared to last year.
In Brewing, our beer brands have performed very strongly, with own-brand volumes up 13% for the financial year and profits in line with management expectations.
Ralph Findlay, Chief Executive Officer, commented:
"Marston's has delivered another year of solid progress with underlying growth across all of our pub divisions and continued outstanding performance from our market-leading beer business. Trading has continued at similar levels since the year end which is encouraging. In addition, our new pub-restaurants, lodges and Revere premium pubs all continue to perform well.
Looking forward, our estate is well balanced and we have a well-developed, strong pipeline of sites to continue our current level of expansion."
ENQUIRIES:
Marston's PLC Tel: 01902 329516 | Instinctif Partners Tel: 020 7457 2020 |
Ralph Findlay, Chief Executive Officer | Justine Warren |
Andrew Andrea, Chief Financial and Corporate Development Officer | Matthew Smallwood |
NOTES TO EDITORS
· Marston's is a leading pub operator and independent brewer.
· It has an estate of around 1,560 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.
· Marston's employs around 13,500 people.