Marston's Plc - Interim results for 26 weeks ended 30 March 2019












+ 5%




Profit/(loss) before tax


+ 2%




Earnings/(loss) per share


+ 2%





·    Underlying revenue and earnings growth in all trading segments

·    Like-for-like operating margins in line with last year


·    Managed and franchised like-for-like sales +2.2%, up 3.2% in last 10 weeks of period

-  Destination and Premium like-for-like sales +1.2%, Taverns +3.9%

-  Managed and franchised like-for-like operating margins in line with last year

-  Average profit per pub +1%


·    Continued organic growth in Brewing

-  Revenue +8%, own-brewed and licensed volumes +4%

-  Stable margins, operating profit +8%

-  Positive benefits from new distribution contracts

-  Leading market shares: on-trade premium ale 22%, premium packaged ale 28%

-  No.1 UK exporter of ale


·    Good progress on debt reduction plan

-  Earnings growth achieved, H1 operating cash flow +6% at £66.8 million

-  At least £5 million annual interest savings for next 5 years following swap reprofiling

-  Target to reduce net capex by £30 million in 2019 and further £25-30 million in 2020

-  Targeting £120 million disposal proceeds 2020-2023


·    Outlook and dividend

-  Interim dividend maintained at 2.7 pence per share, as previously guided

-  Momentum maintained into the second half of the year, strong Easter trading

-  Confident of meeting our earnings expectations for the full year


Commenting, Ralph Findlay, CEO said:


"I am pleased to report continued growth across all segments of the business. Our Taverns wet-led community pubs have built on the strong trading performance last year and it is particularly encouraging to see our food-led pubs once again achieving increasing momentum in profitable like-for-like sales growth.  Our leading Brewing business goes from strength to strength, winning new distribution contracts and continuing to grow market share.


"We remain focussed on our strategic objectives and good progress has been made with our stated aim to improve cash generation and reduce the Group's leverage.  Whilst the backdrop of ongoing uncertainty around Brexit continues to be challenging, opportunities for growth remain and we are confident of delivering another year of profitable growth for our shareholders."