Marston's says underlying FY pretax profit in line
Source - SMW
Marston's said it has made good progress this year with underlying profit before tax in line with management expectations.
In Destination and Premium, like-for-like sales were 2.3% ahead of last year including food like-for-like sales growth of 1.7% and wet like-for-like sales growth of 2.3%, underpinned by strong growth in room income.
In the last 10 weeks of the period like-for-like sales have grown 1.8%.
Operating margin is in line with last year and the company completed 22 new pubs and bars and six lodges in the financial year just ended.
"In the 2017 Financial Year we plan to open at least 22 pubs and bars and at least five lodges with the openings programme weighted towards the second half year," Marston's said in a statement.
"We continue to have a good pipeline of sites to maintain similar levels of expansion for the foreseeable future.
"In Taverns, like-for-like sales were 2.7% ahead of last year, with growth of 2.0% in the last 10 weeks including a strong performance in our franchise estate.
"In Leased, like-for-like profits are estimated to be up 2% compared to last year.
"In Brewing, our beer brands have performed very strongly, with own-brand volumes up 13% for the financial year and profits in line with management expectations."