Business
Year-end Trading Statement
Year-end Trading Statement.
About this update from Marston's Plc
[{"type":"text","content":"\n \nRNS Number : 0445Q Marston's PLC 09 October 2013 \n \n\n \n9 October 2013\nMARSTON'S PLC \nYEAR-END TRADING STATEMENT\n \nMarston's PLC issues the following update on trading for the year ended 5 October 2013. The preliminary results will be announced on 28 November 2013.\n \nTrading\nOur performance for the second half-year has been encouraging, with good weather over the summer balancing poor weather during the first half-year.\n \nIn Destination and Premium pubs, like-for-like sales were 2.2% ahead of last year including like-for-like food sales growth of 3.7% and wet like-for-like sales growth of 0.2%. Over the last 11 weeks like-for-like sales have grown by 2.6%. Operating margins are expected to be slightly ahead of last year. \n \nIn our Taverns community pubs, profits for the full year are expected to be behind last year due to poor weather in the first half-year, a greater than anticipated level of disposals and a more subdued performance in our tenanted pubs in line with market trends. The performance of our managed and franchised pubs has been robust with like-for-like sales in line with last year and up 2% in the second half-year. \n \nIn our Leased pubs, profit for the year is expected to be in line with last year, with an improved performance in the second half year. \n \nIn Brewing, our own-brewed beer volumes are 6% higher than last year, outperforming an ale market down 3%. Premium cask ale volumes were up 4% in the year and bottled ale was up 19%. We continue to lead the market in both of these segments. \n \nEstate Development\nWe are focussing on significantly improving the quality of our pub estate appropriate for both current and future consumer needs.\n \nWe completed 22 new pub-restaurants in the year with returns remaining strong. Over the last five years our national new-build pub programme has proven highly successful, generating strong returns and improving the quality of our pub estate. The 2012 estate valuation also indicated that the new-build pubs were valued at 50% above build cost, generating significant value to our shareholders. \n \nAs a result of this success we propose to accelerate the new-build programme and are targeting 25-30 openings over the next few yea...