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 pubs1 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
FY242.
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/.
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/
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/.