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Solid Interim Growth at Marston’s

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Solid Interim Growth at Marston’s

Solid Interim Growth at Marston’s
May 19
12:40 2016

UK brewer and pub operator Marston’s increased underlying group revenue by 11.5% to £428.7 million and underlying profit before tax by 11.8% to £33.1 million for the 26 weeks ended 2 April 2016. The underlying revenue growth reflected like-for-like growth in the group’s pubs, the positive impact of new openings, growth in its beer brands, and the acquisition of Thwaites’ beer business. On a statutory basis profit before tax was £22.8 million against a corresponding loss of £27.5 million in 2015.

Marston’s has an estate of around 1,600 pubs situated nationally, comprising managed, franchised and leased pubs. It is the UK’s leading brewer of premium cask and bottled ales, including Marston’s Pedigree and Hobgoblin. The portfolio also includes Banks’s, Jennings, Wychwood, Ringwood, Brakspear, Thwaites and Mansfield beers.

Ralph Findlay, chief executive of Marston’s

Ralph Findlay, chief executive of Marston’s

Marston’s beer business continued to grow strongly in the first half. Brewing revenue increased by 36.6% to £92.6 million, primarily due to the benefits of the Thwaites acquisition. Underlying operating profit increased by 16.3% to £10.0 million. Overall ale volumes were up 22% on the previous year reflecting the benefits of the Thwaites acquisition. Premium cask ale volumes were up 22% and bottled ale volumes up 10%. However, the operating margin was down versus last year at 10.8% which is due to the impact of the pub supply arrangement with Thwaites which generates a positive profit contribution, albeit at a low margin percentage.

Ralph Findlay, chief executive of Marston’s, comments: “We are encouraged by our first half performance, and are on track to meet our expectations for the year. In pubs, we have driven our growth by the organic development of pub-restaurants and franchise-style pubs, and more recently through investment in lodges and premium bars, widening our appeal. In Brewing, we had an excellent first half year and achieved good growth through our industry-leading brands and service.”

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