27th Jul 2016 06:49
LONDON (Alliance News) - Marston's PLC Wednesday said it has not seen "any discernible impact" from the UK's vote to leave the European Union in its trading to date, as it continued to make progress in line with its expectations.
The pub operator and independent brewer said that, in its destination and premium segment, like for like sales for the 42 weeks to July 23 were up 2.5% from the previous year. In the most recent 16 weeks of this period, like for like sales were up 1.8% despite the expected hit from the Euro 2016 football tournament on predominantly food-led pubs.
Marston's said it remains on track to meet its growth targets for 22 pub restaurants and bars in its current financial year, as well as the addition of six lodges.
In its Taverns segment like for like sales were up 2.8% in the 42 weeks, helped by the Euro 2016 tournament. In its Leased segment, Marston's said profits are estimated to be up 2%.
In its Brewing segment its own-brewed beer volumes were up around 14% compared to the previous year.
"We continue to be encouraged by our performance. As expected, Euro 2016 was broadly neutral for the group as a whole and we have continued to maintain our market outperformance by focusing on offering our customers great experiences and value in modern pubs and bars," said Chief Executive Officer Ralph Findlay in a statement.
"Although much has been written about the potential effect of Brexit on consumer confidence, we have not seen any discernible impact on trading to date. We believe that our focus on value and affordable treats is appropriate for current market conditions, and while we remain ever mindful of the risks to long term business confidence, it continues to be our intention to develop and implement our proven growth strategy," Findlay added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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