Marston's has reported solid trading results for the year ended 1 October 2016, and revealed plans for 22 pubs and five lodge-style hotels set for 2017.
In Destination and Premium, like-for-like sales were 2.3% ahead of last year including food like- for-like sales growth of 1.7%, and wet like-for-like sales growth of 2.3%, underpinned by strong growth in room income. In the last 10 weeks of the period like-for-like sales have grown 1.8%.
Operating margin is in line with last year and the firm completed 22 new pubs and bars and six lodges in the financial year just ended.
In the 2017 Financial Year, Marston's plans to open at least 22 pubs and bars and at least five lodges with the openings programme weighted towards the second half year. It continues to have a good pipeline of sites to maintain similar levels of expansion for the foreseeable future.
In Taverns, like-for-like sales were 2.7% ahead of last year, with growth of 2.0% in the last 10 weeks including a strong performance in our franchise estate.
In Leased, like-for-like profits are estimated to be up 2% compared to last year.
In Brewing, the beer brands have performed very strongly, with own-brand volumes up 13% for the financial year and profits in line with management expectations.
Ralph Findlay, Chief Executive Officer, commented, “Marston's has delivered another year of solid progress with underlying growth across all of our pub divisions and continued outstanding performance from our market-leading beer business.
'Trading has continued at similar levels since the year end which is encouraging. In addition, our new pub-restaurants, lodges and Revere premium pubs all continue to perform well.
'Looking forward, our estate is well balanced and we have a well-developed, strong pipeline of sites to continue our current level of expansion.”