Business
Final Results
Final Results.
About this update from Marston's Plc
[{"type":"text","content":"\n \nRNS Number : 1235U Marston's PLC 28 November 2013 \n \n\n \n 28 November 2013\nMARSTON'S PLC \nPRELIMINARY RESULTS FOR THE PERIOD ENDED 5 OCTOBER 2013\n \nRevenue, Profit and Dividend Growth \nFINANCIAL HIGHLIGHTS\n \n· Group revenue - up 9% to £782.9 million (2012: £719.7 million).\n· Underlying operating profit - up 7% to £168.3 million (2012: £157.9 million).\n· Underlying PBT - up 1% to £88.4 million, despite higher interest costs. \n· Return on capital - 0.5% improvement versus 2012.\n· Final dividend - up 5% to 4.1 pence per share. \n· Bank facility extension to November 2018 - extends maturity of Group debt.\n· Current trading - encouraging start to year. \n \nOPERATING HIGHLIGHTS AND STRATEGY\n \n· Destination and Premium - strong sales and profit growth driven by new-build investment, including 22 openings in the year, performing ahead of target\n· Taverns - H2 profit growth in managed pubs and 600 pubs converted to franchise\n· Brewing - revenue and profit up with increased market share\n· Acceleration of new-builds - increased planned rate of expansion of new-builds to 25-30 sites per annum\n· Disposals of lower turnover wet-led pubs\n- 130 pubs and other assets sold or exchanged during the year for c.£50 million\n- Agreement to dispose of 202 sites for £90 million at 7.6x EBITDA multiple\n- Target £60-70 million disposals per annum in 2014 and 2015 from Taverns estate\n \nCURRENT TRADING - 7 WEEKS TO 23 NOVEMBER\n \n· Destination and Premium -like-for-like sales up 3.1%; like-for-like food sales up 4.6%; like- for-like wet\n sales up 1.0%\n· Taverns- managed and franchised like-for-like sales up 2.1%; tenanted profits in line with\n expectations\n· Leased - like-for-like profits in line with last year \n· Brewing - in line with expectati...