Business
RESULTS FOR THE 52 WEEKS ENDED 2 OCTOBER 2021
RESULTS FOR THE 52 WEEKS ENDED 2 OCTOBER 2021.
About this update from Marston's Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9499T\n Marston's PLC\n 30 November 2021\n \n \n \n \n \n \n \n \n \n \n 30 November 2021\n \n \n MARSTON'S PLC \n \n \n RESULTS FOR THE 52 WEEKS ENDED 2 OCTOBER 2021*\n \n \n \n \n \n POSTIVE MOMENTUM, STRENGTHENED BALANCE SHEET; \n \n \n CLEAR PLANS FOR FUTURE GROWTH\n \n \n \n \n \n Improved trading post lockdown, sales levels above 2019\n \n \n · \n Full year 2021 sales impacted by significant disruptions from the pandemic\n \n \n · \n Improving trading trends since reopening outdoors in April\n \n \n o \n Like-for-like sales** since restrictions lifted in July 102% of 2019 \n \n \n · \n Strong accommodation sales benefitting from staycations\n \n \n Strengthened balance sheet; strong cash management through pandemic\n \n \n · \n Net debt of £1,232 million, £97 million reduction since 2020 \n \n \n · \n Strong cash management throughout pandemic; no recourse to equity market\n \n \n · \n Financial strategy on track to reduce net debt to below £1 billion by 2025\n \n \n \n Carlsberg partnership completed \n \n \n 30 October 2020\n \n \n \n · \n £256 million of net proceeds including £28.2 million contingent due December 2021\n \n \n · \n Retain 40% stake in a high-quality beer business currently held at £277 million\n \n \n · \n Higher levels of synergies expected of c.£35-40 million, driving future value creation\n \n \n Innovative transaction to operate SA Brain pubs\n \n \n · \n Operate a high-quality portfolio of 107 pubs in Wales on long-term arrangement\n \n \n · \n Proforma EBITDA of £7 million with additional opportunity of £2-3 million synergy benefits\n \n \n · \n Capital-light acquisition provides template for future transactions\n \n \n Clear strategy with clear targets\n \n \n · \n High-quality pub estate nationwide, with limited exposure to city centres\n \n \n · \n \"Pubs to Be Proud Of\" - Guest-focused pub strategy with clear operational targets\n \n \n · \n \"Back to a Billion\" - Sales above £1 billion, borrowings below £1 billion by 2025\n \n \n · \n Plan to reposition 290 food-led pubs to meet changing consumer dynamics\n \n \n · \n Evolution of franchise model with formulation of the new \"Pillar\" agreement for food-led leased pubs\n \n \n \n Net Zero commitment \n \n \n · \n Market-leading environmental actions to date\n \n \n · \...