Edition:
United Kingdom

Marston's Says HY Underlying Revenue Rose 5%


Wednesday, 15 May 2019 

May 15 (Reuters) - Marston's PLC ::HALF YEAR UNDERLYING PRETAX PROFIT ROSE 1.9 PERCENT TO 37 MILLION STG.SAYS INTERIM DIVIDEND MAINTAINED AT 2.7 PENCE PER SHARE.HY UNDERLYING REVENUE £553.1M, UP 5%.HY UNDERLYING PROFIT BEFORE TAX £37.0M, UP 2%.UNDERLYING REVENUE AND EARNINGS GROWTH IN ALL TRADING SEGMENTS IN HY.HY LIKE-FOR-LIKE OPERATING MARGINS IN LINE WITH LAST YEAR.HY MANAGED AND FRANCHISED LIKE-FOR-LIKE SALES +2.2%, UP 3.2% IN LAST 10 WEEKS OF PERIOD.TARGET TO REDUCE NET CAPEX BY £30 MILLION IN 2019 AND FURTHER £25-30 MILLION IN 2020.TARGETING £120 MILLION DISPOSAL PROCEEDS 2020-2023.CONFIDENT OF DELIVERING ANOTHER YEAR OF PROFITABLE GROWTH FOR OUR SHAREHOLDERS.TARGETING AN ANNUALISED 25% CROCCE BY FINANCIAL YEAR 2020..OFF-TRADE CONTINUES TO GROW IN BOTH ABSOLUTE TERMS AND IN SHARE OF TOTAL DRINKS MARKET.DURING PERIOD WE ALSO STOCKPILED SEVERAL CORE LINES IN ANTICIPATION OF A DISORDERLY BREXIT AT END OF MARCH.STOCK LEVELS WERE AROUND £6 MILLION HIGHER THAN CORRESPONDING PERIOD LAST YEAR.CONTINUE TO CLOSELY MONITOR BREXIT SITUATION AND ARE WELL PLACED TO IMPLEMENT ANY NECESSARY CONTINGENCY PLANS.