Business
Interim results for 26 weeks ended 30 March 2019
Interim results for 26 weeks ended 30 March 2019.
About this update from Marston's Plc
[{"type":"text","content":"\n \nRNS Number : 0312Z Marston's PLC 15 May 2019 \n\n \n15 May 2019\nMARSTON'S PLC \nINTERIM RESULTS FOR THE 26 WEEKS ENDED 30 MARCH 2019\n \nRevenue and earnings growth, improved operating cash flow, dividend maintained\n \n\n\n\n\n\n\nUnderlying\n\n\n\n\n\nStatutory\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2019\n\n\n2018\n\n\n\n\nRevenue\n\n\n£553.1m\n\n\n+ 5%\n\n\n\n\n\n£553.1m\n\n\n£529.0m\n\n\n\n\nProfit/(loss) before tax\n\n\n£37.0m\n\n\n+ 2%\n\n\n\n\n\n£19.1m\n\n\n£(13.4)m\n\n\n\n\nEarnings/(loss) per share\n\n\n4.9p\n\n\n+ 2%\n\n\n\n\n\n2.6p \n\n\n(2.0)p\n\n\n\n \n· Underlying revenue and earnings growth in all trading segments\n\n· Like-for-like operating margins in line with last year \n \n· Managed and franchised like-for-like sales +2.2%, up 3.2% in last 10 weeks of period \n- Destination and Premium like-for-like sales +1.2%, Taverns +3.9%\n- Managed and franchised like-for-like operating margins in line with last year\n- Average profit per pub +1%\n \n· Continued organic growth in Brewing\n- Revenue +8%, own-brewed and licensed volumes +4%\n- Stable margins, operating profit +8%\n- Positive benefits from new distribution contracts \n- Leading market shares: on-trade premium ale 22%, premium packaged ale 28%\n- No.1 UK exporter of ale\n \n· Good progress on debt reduction plan\n- Earnings growth achieved, H1 operating cash flow +6% at £66.8 million\n- At least £5 million annual interest savings for next 5 years following swap reprofiling\n- Target to reduce net capex by £30 million in 2019 and further £25-30 million in 2020\n- Targeting £120 million disposal proceeds 2020-2023\n \n· Outlook and dividend\n- Interim dividend maintained at 2.7 pence per share, as previously guided\n- Momentum maintained into the second half of the year, strong Easter trading\n- Confident of meeting our earnings expectations for the full year\n \nCommenting, Ralph Findlay, CEO said:\n \n\"I am pleased to report continued growth across all segments of the business. Our Taverns wet-led community pubs have built on the strong trading performance last year and it is particu...