Marston’s has posted its interim results for the 26 weeks ended 31 March 2018, showing managed and franchise like-for-like sales were in line with last year.
Taverns like-for-like sales rose by 2.9%, D&P like-for-like was down by 1.8% (drive-to destinations were impacted by the bad weather). However, the company saw the average profit per pub increase by 1%.
There was strong organic growth in Brewing and from Charles Webb Beer Business (CWBB) acquisition. The total volume was up 74%, market share growth in premium cask ale rose by 23% and premium packaged ale by 24%.
Marston's states it is on track to deliver at least £4m target synergies from the CWBB acquisition.
In the 26 weeks, six pubs and bars opened; on target to open 15 for the financial year. Six lodges opened, taking estate to over 1,500 rooms. The company's 2018 openings are currently performing strongly.
The group's new openings are on track, with 10 new pubs and bars, and five lodges set for 2019, a net capital reduction of £25m.
Ralph Findlay, CEO said, “We are pleased to report another period of good growth in revenue and underlying profit before tax. Strong trading in Brewing and Taverns and Leased pubs offsets the adverse impact of poor weather on ‘drive-to’ pubs in our Destination estate, further validating the resilience of our model.
'We have made modest and prudent adjustments to our capital plans to reflect the current economic and consumer climate. However, Marston’s is a balanced business and we are confident that the medium-term outlook for the eating-out and wet-led pub sectors remains good and that targeting an increased profitable share of a growing market through an unremitting focus on quality, service, standards and value for money remains key.'