Business
Year-End Trading Update
Year-End Trading Update.
About this update from Marston's Plc
[{"type":"text","content":"\n \nRNS Number : 1221T Marston's PLC 10 October 2017 \n\n \n \n 10 October 2017\nMARSTON'S PLC\nYEAR-END TRADING UPDATE\n \nMarston's PLC issues the following update on trading for the year ended 30 September 2017. The preliminary results will be announced on 30 November 2017.\n \nTrading\nWe made further progress in implementing our strategy, achieving growth in revenue and earnings led by the performance of wet-led pubs and brewing. \n \nIn Destination and Premium, like-for-like sales were 0.9% above last year. The more subdued summer trading and relatively stronger performance of wet sales compared to food sales was consistent with the market. A disciplined approach to pricing and promotions and good cost control contributed to the operating margin in Destination and Premium being only slightly below last year despite the continued cost pressures.\n \nIn Taverns, like-for-like sales were 1.6% above last year. These wet-led community pubs continue to benefit from greater consumer interest in local beers and craft drinks and the continuing development of our offers, together with the continued strong performance of pubs operated under franchise-style agreements.\n \nIn Leased, like-for-like profits are estimated to be up 1% compared to last year reflecting the high quality of our Leased estate, together with licensee stability.\n \nIn Brewing, we have had a transformational year including the successful acquisition of the Charles Wells Brewing and Beer (\"CWBB\") business in June, and growth in distribution through entering into long term agreements including Punch B and Hawthorn Leisure. The integration of CWBB is on track, and performance is in line with our expectations. Own-brewed volumes increased 6% demonstrating the strength of our brand portfolio and the acquisition of CWBB, and contributed to market share growth in the on trade and the off trade. \n \nEstate Expansion\nWe completed 19 new pubs and bars and eight lodges. Openings were weighted towards the end of the financial year, and four pubs planned for September will open in late October. \n \nIn the 2018 financial year we now expect to open 15 pubs and bars, and six lodges. This modest trimming of our openings programme reflects a degree of caution given recent subdued market con...