Business
RESULTS FOR THE 26 WEEKS ENDED 1 APRIL 2023
RESULTS FOR THE 26 WEEKS ENDED 1 APRIL 2023.
About this update from Marston's Plc
[{"type":"text","content":"\n\n\n \n16 May 2023\nMARSTON'S PLC\n RESULTS FOR THE 26 WEEKS ENDED 1 APRIL 2023\n \nCONTINUED STRATEGIC MOMENTUM: REVENUE AND OPERATING PROFIT GROWTH, POSITIVE CASH FLOW AND CONTINUED DEBT REDUCTION\n \nMarston's, a leading UK operator of 1,440 pubs, today announces its Interim Results for the 26 weeks ended 1 April 2023. \n \n\n\n\n\n \n\n\nUnderlying*\n\n\n \n\n\nTotal*\n\n\n\n\n \n\n\n2023\n\n\n2022\n\n\n \n\n\n2023\n\n\n2022\n\n\n\n\nTotal revenue\n\n\n£407.0m\n\n\n£369.7m\n\n\n \n\n\n£407.0m\n\n\n£369.7m\n\n\n\n\nPub operating profit\n\n\n£43.1m\n\n\n£39.9m\n\n\n \n\n\n£43.1m\n\n\n£45.9m\n\n\n\n\nIncome/(loss) from associates\n\n\n£2.2m\n\n\n£(2.0)m\n\n\n \n\n\n£2.2m\n\n\n£(2.0)m\n\n\n\n\nProfit/(loss) before Tax\n\n\n£(3.6)m\n\n\n£(7.5)m\n\n\n \n\n\n£(38.1)m**\n\n\n£25.6m\n\n\n\n\nNet profit/(loss)\n\n\n£(2.9)m\n\n\n£(6.1)m\n\n\n \n\n\n£(28.8)m\n\n\n£19.4m\n\n\n\n\nEarnings/(loss) per share\n\n\n(0.5)p\n\n\n(1.0)p\n\n\n \n\n\n(4.5)p\n\n\n3.1p\n\n\n\n\nNet cash inflow/(outflow)\n\n\n£11.5m\n\n\n£(8.9)m\n\n\n \n\n\n \n\n\n \n\n\n\n\nNAV per share\n\n\n£0.98\n\n\n£0.71\n\n\n \n\n\n \n\n\n \n\n\n\n\n \n* All activities relate to continuing operations\n**Includes a £34.5 million net loss in respect of interest rate swap movements; a partial reversal of the £109.2 million net gain reported in FY2022\n \nRevenue and pub operating profit growth, despite macroeconomic environment\n· H1 like-for-like sales up 10.7% vs last year and up 17.9% vs FY2020\n· Drink sales continue to perform well and food sales were encouraging, demonstrating the trading resilience of the Group's predominantly community pub estate\n· Increase in pub operating profit: £43.1 million (H1 FY2022: £39.9 million); due to the seasonal nature of the business, the majority of profit is typically earned in H2\n· Improved share of CMBC's profits: £2.2 million (H1 FY2022: loss of £(2.0) million)\n \nPositive cash generation, debt reduction, continued NAV momentum and extension of bank funding\n· Operating cash inflow of £69.9 million (H1 FY2022: £30.2 million) and net cash inflow for the period of £11.5 million (H1 FY2022: outflow of £8.9 million)\n· ...