Marston’s has reported its interim results for the 26 weeks ended 30 March 2019, which shows revenue of £553.1m, a rise of 5% in like-for-likes.
During the period, the company's profit before tax stood at £37m, a like-for-like increase of 2%. Operating cash flow of £66.8m was 6% higher than last year principally reflecting higher profits in the period.
Managed and franchised like-for-like sales were up by 2.2%, up 3.2% in last 10 weeks of period. Destination and Premium like-for-like sales rose by 1.2%, Taverns were up by 3.9%
Managed and franchised like-for-like operating margins were in line with last year's average profit per pub at 1%.
The company saw continued organic growth in Brewing with a Revenue rise of 8%, own-brewed and licensed volumes at 4%, and operating profit at 8%. These figures reflect the positive benefits from new distribution contracts.
On-trade premium ale stood at 22%, and premium packaged ale at 28% - the company was the No.1 UK exporter of ale.
CEO Ralph Findlay (pictured) 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 focused on our strategic objectives and good progress has been made with our stated aim to improve cash generation and reduce the group’s leverage.'
Findlay closed, '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.”
