Business
RESULTS FOR THE 26 WEEKS ENDED 2 APRIL 2022
RESULTS FOR THE 26 WEEKS ENDED 2 APRIL 2022.
About this update from Marston's Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n 18 May 2022\n \n \n \n MARSTON'S PLC\n \n \n \n \n RESULTS FOR THE 26 WEEKS ENDED 2 APRIL 2022\n \n \n \n \n \n \n \n \n \n CONTINUED STRATEGIC MOMENTUM, TRADING NORMALISED, SOLID BALANCE SHEET;\n \n \n \n \n CLEAR GROWTH PLANS\n \n \n \n \n \n \n \n \n Marston's, a leading UK operator of 1,482 pubs, today announces its Interim Results for the 26 weeks ended 2 April 2022. The period under review, which commenced on 3 October 2021, included a period of disrupted trading in December due to the Omicron variant of COVID-19. \n \n \n \n \n \n \n \n \n Return to more normalised trading despite COVID disruption\n \n \n \n · \n H1 like-for-like sales 97% of 2019 despite restrictions over Christmas trading period\n \n \n · \n Brains estate performing well despite longevity of restrictions in Wales\n \n \n · \n Return to pub operating profit; £39.9 million (H1 2021: loss of £(57.2) million)\n \n \n · \n CMBC profitability impacted in H1, anticipate improvement in H2\n \n \n \n Strong H1 cash generation; improving balance sheet\n \n \n \n · \n £30 million H1 cash inflow from operating activities; underlying net cash inflow (excluding one-offs) of £13 million. Further cash inflow anticipated in H2\n \n \n · \n Net asset value (NAV) improved by 7 pence per share since October 2021; disposals 35% ahead of net book value\n \n \n · \n Financial strategy on track to reduce net debt to below £1 billion by 2025\n \n \n \n \n \n \n \"Pubs to be proud of\" underpinned by significant change management programme underway\n \n \n \n · \n Revitalised leadership group; 30% new to role including 5 external recruits\n \n \n · \n Clear plans to reposition pub estate into simplified segmental structure to generate strong returns:\n Community, Signature and Revere\n \n \n o \n 10 conversions completed in H1; 8 planned for H2\n \n \n · \n Menu overhaul driving simplicity and efficiency without compromising guest satisfaction\n \n \n · \n Recruit, Reward, Retain: innovative people plans in challenging labour market\n \n \n \n \n \n \n Well-positioned to meet challenging market conditions\n \n \n \n · \n Pubs historically resilient t...