Business
AGM and Interim Management St
AGM and Interim Management St.
About this update from Marston's Plc
[{"type":"text","content":"\n RNS Number : 2294A Marston's PLC 28 January 2011 \n \n\n \nMARSTON'S PLC \nAGM AND INTERIM MANAGEMENT STATEMENT\n16 weeks to 22 January 2011\n28 January 2011\n \nMarston's PLC issues the following Interim Management Statement for the 16 weeks to 22 January 2011 in advance of the Company's Annual General Meeting to be held at noon today.\n \nTrading\nThe Group has achieved an encouraging and robust performance despite the impact of the exceptionally wintry conditions in the key trading period of December. Profitability is in line with our expectations and we continue to make good progress in each of our trading divisions.\n \nIn Marston's Inns and Taverns, our managed pubs division, like-for-like sales for the 16 week period were 2.1% ahead of last year, including like-for-like food sales growth of 4.4% and like-for-like wet sales growth of 1.2%. Like-for-like sales in the 6 weeks to 8 January 2011 were level with the prior year, with like-for like sales in the key Christmas trading period from 23 December to 3 January up 11.2%. Operating margin is slightly ahead of last year.\n \nIn Marston's Pub Company, our tenanted and leased pubs division, underlying profit trends have continued to improve. Like-for-like profits are estimated to be around 1% below last year, which compares favourably to the 4% decline in financial year 2010. This improvement is primarily attributable to the continuing successful rollout of the franchise-style Retail Agreement, now operating in 160 pubs.\n \nIn Marston's Beer Company, our own brewed beer volumes are up 6% versus last year, comparing favourably to a UK ale market down by around 7%. Our focus on localness and premium ale continues to drive growth, with premium cask ale up 4% and bottled ale up 20% in the period. \n \nNet debt and cashflow are in line with our expectations.\n \nNew-Build Development Programme\nOur development plans are on track. We have opened 2 new pub-restaurants in 2011 with 8 developments on site. We expect to open 20 pubs in 2011 and 25 in 2012. The performance of the 15 pubs opened in 2010 continues to be good and ahead of our original targets.\n \nOutlook\nWe are encouraged by our performance to date, with the growth in like-for-like sales demonstrating the appeal and res...