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UPDATE 1-Marston's says Jubilee boost outweighs damp weather
July 25, 2012 / 6:49 AM / 5 years ago

UPDATE 1-Marston's says Jubilee boost outweighs damp weather

* Like-for-like Q3 sales up 2.2 pct

* National celebrations limit negative impact of poor weather (Adds detail, background)

LONDON, July 25 (Reuters) - The Queen’s Diamond Jubilee holiday and other festivities boosted sales growth at British pub firm Marston‘s, the company said on Wednesday, as it reported a 2.2 percent rise in third-quarter sales at its managed pubs.

Marston‘s, which has around 2,150 pubs, said its performance was in line with expectations and “satisfactory”, despite the recent rain, which has weighed on sales.

The April to June period has been the wettest since records began, dampening sales in shops.

“In recent weeks we have achieved sales growth despite the poor weather, helped by key trading events including the Jubilee weekend, Euro 2012 and Father’s Day,” said Ralph Findlay, Marston’s chief executive officer.

“By the end of this financial year we will have built around 60 new pub-restaurants in three years, and we have a clear site pipeline for future development,” he said.

Marston‘s, which also runs five breweries, said operating profit at its tenanted and franchised pubs was 3.2% ahead of last year.

Shares in Marston‘s, which have risen more than 17 percent since the start of the 2012, closed at 108 pence on Tuesday, valuing the business at around 616 million pounds ($956 million). ($1 = 0.6441 British pounds) (Reporting By Alessandra Prentice, Editing by Rosalba O‘Brien)

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