24th Jul 2014 11:32
LONDON (Alliance News) - Marston's PLC said Thursday that it had continued to make good progress in line with its expectations for the 41 weeks to July 19, although the impact of the World Cup was broadly neutral.
Higher drinks sales were offset by weaker food performance in its pubs, and strong sales growth in off-trade, meaning off licenses, wholesalers, and retailers.
The brewer and public houses company said that in its destination and premium segment like-for-like sales were up 4.1% for the period, with food sales up 4.2% and wet sales up 3.5%. Operating margin was slightly above the previous year, it said, and it is on track to complete the building of 27 new pub restaurants in the current year.
In its taverns business like-for-like sales were 3.0% up, as its franchise business continued to perform strongly; it now operates in around 550 pubs, it said.
In its leased business like-for-like profits were up 3%, and in brewing own-brewed beer volumes were up 1%, boosted by the World cup.
Marston's said its net debt and cash flow are in line with expectations.
"We have continued to make good progress in implementing our strategic priorities with our focus on investment in new pub-restaurants, the expansion of franchise and the continued development of our premium beer portfolio all contributing to our growth targets," said Chief Executive Ralph Findlay in a statement.
Shares in Marstons were trading up 0.2% at 144.50 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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