Marston's PLC Change to Final Results date and update on trading (8095H)
28 Novembre 2022 - 1:55PM
UK Regulatory
TIDMMARS
RNS Number : 8095H
Marston's PLC
28 November 2022
28 November 2022
MARSTON'S PLC
("Marston's" or "the Group")
Change to Final Results announcement date and update on current
trading
Marston's announces that its results for the year ended 2
October 2022 ("Final Results") will not be released on 29 November
2022 as previously announced due to a short delay in the completion
of audit procedures at our associated undertaking, Carlsberg
Marston's Brewing Company ("CMBC"). This is at the request of
Carlsberg's auditors who are finalising their audit documentation.
The Group has been reassured that there is no disagreement between
Carlsberg's auditors and CMBC management and we should be in
position to announce Marston's results within the next week. The
delay finalising the CMBC audit is entirely procedural and outside
of Marston's control.
There is no change to the guidance previously issued by the
Group in respect of FY 2022, nor to the Group's trading update
given on 11 October 2022, and Marston's auditors have indicated
there are no other significant outstanding procedures from their
perspective.
Current trading and outlook
We are also pleased to announce that trading since the year end
is encouraging. Like-for-like sales in our managed and franchised
pubs are up 6.8% vs the same period last year and 5.0% up vs the
same period in FY2019. October earnings were in line with our
expectations. Bookings for Christmas Day and Christmas Fayre are
encouraging and are building in momentum. Total bookings for the
Christmas period are currently higher than in 2019 and in line with
our plans, albeit walk-in trade typically accounts for a
significant proportion of overall sales over the Christmas trading
period.
For the two England World Cup games which have taken place to
date, total like-for-like sales on those days were c.30% up
compared to 2021, with drink sales up c.50%. Food sales were better
than anticipated, being up c.1%.
We remain cognisant of the current macroeconomic environment
with the cost-of-living crisis, the impact of the conflict in
Ukraine and the resulting challenges this brings in respect of cost
inflation and the potential impact on disposable income, as well as
potential supply issues. However, pubs have demonstrated their
resilience time and time again and, to date, there is little in our
trading performance to suggest that there has been a change to
consumer behaviour; our guests still want to go out and have an
affordable treat in a Marston's pub.
As a consequence of the above, there are no material changes to
events that would require a change to earnings guidance in respect
of financial year 2023.
Estate valuation
In addition, following a valuation of Marston's pub assets, the
Group can also announce the carrying value of the estate is now
GBP2.1 billion (2021: GBP2.0 billion); as a result of the valuation
undertaken in H2. The result of the valuation is an increase in the
net book value of the estate of GBP93.4 million.
ENQUIRIES:
Marston's PLC Tel: 01902 329516 Instinctif Partners Tel: 020
7457 2010/2005
Andrew Andrea, Chief Executive Justine Warren/Matthew Smallwood
Officer
Hayleigh Lupino, Chief Financial
Officer
NOTES TO EDITORS
-- Marston's is a leading pub operator with a 40% holding in
Carlsberg Marston's Brewing Company
-- It operates an estate of 1,468 pubs situated nationally,
comprising managed, franchised and leased pubs
-- Marston's employs around 12,000 people
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END
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November 28, 2022 07:55 ET (12:55 GMT)
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