Marston's PLC Trading update for the 42 weeks to 22 July 2023 (1693H)
26 Luglio 2023 - 8:00AM
UK Regulatory
TIDMMARS
RNS Number : 1693H
Marston's PLC
26 July 2023
26 July 2023
MARSTON'S PLC
("Marston's" or "the Group")
Trading update for the 42 weeks to 22 July 2023
Marston's PLC issues the following trading update for the 42
weeks to 22 July 2023.
Trading
All sales comparisons are compared to the same period in
FY2022.
Like-for-like sales for the 42-week period were +10.7% vs
FY2022. Both drink sales and food sales have been strong,
demonstrating the steadfast trading resilience of our predominantly
community pub estate.
Like-for-like sales in the 16 weeks to 22 July 2023 were +10.9%
vs FY2022, reflecting the warmer weather in June, which enabled us
to maximise the return on investment in our outdoor trading areas
undertaken ahead of the summer months.
Total retail sales in the Group's managed and franchised pubs
for the 42-week period were +12.0% on last year.
The level of customer demand continues to be good, demonstrating
that the positive experiences our guests have in our pubs is
important and continues to drive demand.
As we set out in the Interim Results, we trialled rolling out
the franchise-style model in 13 of our food-led managed pubs to
complement the 717 wet-led pubs currently operated under this
model. We are very pleased with the result of the trial, with sales
growth exceeding our broader food business. As a consequence, we
expect to grow the number of food-led partnerships to over 50 pubs
in FY2024.
Outlook
Cash and debt
Dividends from CMBC are expected to be GBP11.0 million in H2 of
FY2023.
Reducing net debt, excluding IFRS 16 lease liabilities, to below
GBP1 billion continues to be a key focus of the Group's financial
strategy and our progress is in line with expectations. We
anticipate that net debt, excluding IFRS 16 lease liabilities, will
have reduced by GBP50-GBP60 million at the end of FY2023. We expect
the same level of debt reduction in FY2024.
Costs
As a consequence of pursuing the operational strategy of
simplifying the business and driving efficiencies, together with a
more positive outlook on input costs in FY2024, we anticipate being
well-placed to navigate any consumer headwinds. We believe pubs
remain an affordable treat and have consistently proved resilient
to pressures on the consumer in previous economic downturns.
Looking forward, the Group will continue to invest in the future
growth of the business and remains well-positioned to deliver
positive trading from its community pubs across the UK.
Andrew Andrea, CEO, commented:
"Marston's has delivered another strong trading performance,
validating the strategy we are implementing and demonstrating the
appeal of our pubs. We are making good progress and are beginning
to see the benefits of the actions we have taken in H1, simplifying
our trading formats and repositioning our pub portfolio, as well as
the investments we have made in our pub gardens and outside trading
areas.
"In addition, we are encouraged by the success of the trial
extending the partnership model into our food-led pubs. The trial
has been positive and we will extend this model to over 50 food-led
pubs in FY2024. Marston's pioneered the operator managed agreement
in 2009, which now operates in over 700 wet-led pubs, and we are
pleased to lead the evolution of this format and are excited about
its future growth potential for our business.
"We remain focused on delivering on our debt reduction strategy
and continue to make good progress in that regard. Whilst
macro-economic challenges persist for the time being, we remain
encouraged by the Group's trading resilience and that the pub
remains an affordable treat for our guests. An improving cost
outlook, together with the actions we are taking to maximise
efficiencies, leaves Marston's well-placed to navigate through
ongoing economic headwinds".
Forthcoming Events
Please find below the forthcoming reporting dates for Marston's,
which are also available on the investor calendar on our website -
www.marstonspubs.co.uk/investors
Year-end trading statement 11 October 2023
2023 Preliminary results 5 December 2023
ENQUIRIES:
Marston's PLC Tel: 01902 329516
Andrew Andrea, Chief Executive
Officer
Hayleigh Lupino, Chief Financial
Officer
Instinctif Partners Tel: 020 7457 2020
Justine Warren
Matthew Smallwood
Joe Quinlan
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 1,433 pubs situated nationally,
comprising managed, franchised and leased pubs
-- Marston's employs around 11,000 people
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTUVRBROBUBUAR
(END) Dow Jones Newswires
July 26, 2023 02:00 ET (06:00 GMT)
Grafico Azioni Marston's (LSE:MARS)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Marston's (LSE:MARS)
Storico
Da Apr 2023 a Apr 2024