Marston's has reported positive trading in both food-led and wet-led pubs for the year ended 3 October 2015.
In 'Destination and Premium' sites, like-for-like sales were 1.8% ahead of last year including food like-for-like sales growth of 1.7% and wet like-for-like sales growth of 1.7%. In the last 11 weeks of the period like-for-like sales have grown 2.2%. Operating margin is ahead of last year and we completed 25 new pub-restaurants in the financial year just ended.
As highlighted at the Interim Results, the shape of estate expansion will evolve slightly and in the 2016 Financial Year the firm plans to open at least 20 Destination pub-restaurants, two Revere sites and five Lodges. The firm has a good pipeline of sites to maintain similar levels of expansion for the foreseeable future.
For the group's taverns, like-for-like sales were 2.0% ahead of last year, with growth of 3.1% in the last 11 weeks. The franchise business, which now operates around 550 sites, continues to perform strongly as the business model is evolved and developed .
The leased venues showed like-for-like estimated profits if 4% in comparison to last year's figure.
For the brewing business, the strong brand portfolio, supplemented by the acquisition of the Thwaites' beer brands, has performed well. Excluding Thwaites, own brand beer volumes were up 5% compared to last year, with strong performance in premium ales and the off-trade. Including Thwaites, own-brewed beer volumes were up 15%.
The group will no longer provide like for like, segmental current trading data for the short seven week period immediately post the year end with effect from the results for the 12 months to 3 October 2015 which will be reported on 26 November 2015.
Ralph Findlay, Chief Executive Officer said, 'The Group has made good progress in the last year, with underlying growth in all of the business segments. Our new pub-restaurants, premium pubs and lodges have all performed well and we have good visibility over the site pipeline to underpin our future growth. In addition, we have substantially completed our disposal programme of smaller wet-led pubs. These actions, together with the success of franchise, have significantly transformed our pub business over the last three years.
'In brewing, the integration of the Thwaites' brewing business has gone well, and we are well placed to continue to exploit the market growth in premium and craft beers and ongoing growth in the off-trade.'