27th Jan 2015 07:56
LONDON (Alliance News) - FTSE 250-listed pub company Marston's said its trading in the first weeks of its financial year have been encouraging, with a good performance for the company in the Christmas and New Year period.
Marston's said its like-for-like sales for its Destination and Premium division in the 16 weeks to January 24 were up 2% year-on-year, with food and drink like-for-like sales rising 2%. In its Christmas trading period, covering the two weeks to January 4, the group said like-for-like sales for the division rose 4.8%, with 12.5% growth on Christmas Day.
Operating margins are ahead year-on-year, and Marston's said its plan to open at least 25 new pub-restaurant sites in the current financial year is on track, with eight openings expected in the first half to April 4.
In its Taverns business, managed and franchised like-for-like sales rose 2% year-on-year, with 2.7% growth over the Christmas period and 5.8% growth on Christmas day. For its Leased estate, profits for the company rose around 1% against last year.
For its Brewing arm, ale volumes rose 4% year-on-year in the 16-week period, driven by an 8% rise in off-trade volumes. Its Hobgoblin ale brand led the performance with volumes up 10% in Marston's financial year to date.
Marston's will post its half-year results to April 4 on May 14.
"This performance demonstrates that our customers remain attracted to the consistency and value for money we offer, underpinned by excellent service in a high quality environment. In addition, our beer business continues to perform well, with a particularly strong performance in the off-trade. We remain confident of achieving our expectations for the full year," said Marston's Chief Executive Ralph Findlay.
By Sam Unsted; [email protected]; @SamUAtAlliance
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