REG - Marston's Plc - Trading update for the 52 weeks to 28 Sep 2024

Marston'sAnnouncement

09/10/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241009:nRSI4186Ha&default-theme=true

RNS Number : 4186H  Marston's PLC  09 October 2024

09 October 2024

 

MARSTON'S PLC

('Marston's' or 'the Group')

 

Trading Update

 

STRONG REVENUE GROWTH, OUTPERFORMING THE MARKET

 

 SIGNIFICANT OPPORTUNITY AHEAD AS A FOCUSED PUB BUSINESS

 

Marston's, a leading UK operator of 1,339 pubs, today announces a trading
update for the 52 weeks to 28 September 2024.

 

Trading update

All sales comparisons reference the same period in FY2023.

Total retail sales in the Group's managed and franchised pubs(1) for the
52-week period were 5.8% higher than the prior year, with growth in
like-for-like sales of 4.8% outperforming the broader market. Both food and
drink occasions have shown good momentum, with food sales particularly
encouraging as our high-quality offering and simplified menus have resonated
well with guests.

In the 13-week period ending 28 September 2024, like-for-like sales increased
3.8%, a strong result that comes despite the very wet weather towards the end
of the period. Food sales in this period performed exceptionally well, a
positive indicator as we approach the festive season.

The strong trading performance and growth ahead of the broader market, coupled
with the continued focus on driving cost efficiencies, gives management
confidence in delivering pub profitability in line with market consensus for
FY24(2).

 

Strategic developments

The combination of our strong trading performance, our disposals strategy, the
sale of our 40% share in CMBC, and the CMBC dividend received for H1 has
enabled a material reduction in net debt. Management expects net debt
(excluding IFRS 16 lease liabilities) for the full year to be approximately
£885 million, equating to a reduction of c.£300 million on FY23,
underscoring the Group's ability to strategically deleverage whilst continuing
to deliver growth.

 

Commenting, Justin Platt, CEO said:

'The strong revenue performance is very pleasing. This reflects the quality of
the experiences we are providing for our guests as well as the continued focus
and passion of our team. This performance, combined with our recent disposal
of CMBC puts Marston's in a strong position to drive value for our
shareholders as a focused pub business. We look forward to sharing more about
the Marston's growth opportunity at our investor day next week.'

(1) Excluding disposals

(2) FY24 Market consensus for Underlying PBT, excluding the contribution from
CMBC, is £40.5 million

 

 Forthcoming events

Please find below the forthcoming reporting dates for Marston's, which are
also available on the investor calendar on our website -
https://www.marstonspubs.co.uk/investors/
(https://www.marstonspubs.co.uk/investors/) .

A recording of our Investor Day presentation will be available on the
Marston's plc website at
https://www.marstonspubs.co.uk/investors/results-presentations/
(https://www.marstonspubs.co.uk/investors/results-presentations/) following
the event.

 

Investor
Day
16 October 2024

2024 Preliminary results
          03 December 2024

 

 

Enquiries:

 

Marston's PLC

Justin Platt,
CEO
Tel: 01902 329516

Hayleigh Lupino, CFO

Matthew Lee, Investor Relations
matthew.lee@marstons.co.uk

Rebecca Jamieson, Investor Relations
rebecca.jamieson@marstons.co.uk

 

Sodali & Co (Media)

Ben Foster
                        Tel: 020 7250 1446

Russ Lynch

Oliver
Banks
marstons@sodali.com

 

Notes to editors

Marston's PLC, whose shares are listed on the London Stock Exchange under the
ticker MARS, is a leading pub operator with an estate of 1,339 pubs
nationally, comprising managed, partnership ('franchised') and tenanted and
leased pubs. Marston's employs around c.10,000 people. More information is
available at: https://www.marstonspubs.co.uk/
(https://www.marstonspubs.co.uk/) .

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTEASEPELSLFFA