28th Nov 2022 19:16
(Alliance News) - Marston's PLC will be hoping for England's safe passage into the business end of the football World Cup, as the pub chain revealed sales have surged on days the national team is in action.
England has so far played twice and while it impressed in its first match, it flattered to deceive in its second. Marston's, however, said its own fortunes have been a bit more consistent.
During the two days when England has played in the World Cup, sales were up about 30% year-on-year. Drink sales alone were up around 50%.
Analysts at Shore Capital Markets commented: "We see recent trading as building momentum in the development of its operating model, with management having previously outlined plans for an incremental GBP200 million of sales as part of its 'back to a billion' target."
The World Cup comes at a time when Marston's typically enjoys an uptick in demand, the key festive period.
Marston's added: "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."
Since the end of its last financial year, which ran to October 2, trading has been "encouraging", Marston's said. Like-for-like pub sales are up 6.8% year-on-year.
Shore added: "The [financial 2022] operating performance is likely to have been skewed by a weak first half, especially around December and January due to Omicron. With a robust start to the financial year and weak comparatives over the next couple of months, we anticipate a much-improved H1 this time around, driving further profit growth in [financial 2023]."
Marston's added results for the year that ended October 2 will not be published on Tuesday as planned.
This was at the request of Carlsberg Marston's Brewing Co's auditors, who are finalising audit documentation. Marston's holds a 40% stake in the JV, with Carlsberg AS owning 60%.
"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," Marston's added.
Shares in the company closed 1.0% lower at 39.80 pence each in London on Monday.
By Eric Cunha; [email protected]
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