Here is a summary of the trading update from Marstons PLC
Marstons PLC, a leading UK pub operator with 1,339 pubs, has released a trading update for the 52 weeks ending September 28, 2024.
The company reports strong revenue growth, with total retail sales in its managed and franchised pubs 5.8% higher than the previous year, outperforming the broader market.
Like-for-like sales increased by 4.8% annually and 3.8% in the last 13 weeks, despite wet weather. Food sales performed exceptionally well in the recent period.
The trading performance, coupled with cost efficiency drives, gives management confidence in meeting profit expectations for the full year.
The companys disposals strategy, sale of its CMBC share, and dividend income have enabled a significant reduction in net debt, demonstrating Marstons ability to de-leverage while delivering growth.
CEO Justin Platt attributes the strong revenue performance to the quality of guest experiences and the teams dedication. He believes Marstons is well-positioned as a focused pub business to drive shareholder value.
The company will host an investor day on October 16, 2024, and release its 2024 preliminary results on December 3, 2024.
Overall, Marstons PLC is showing positive signs of growth and financial health, with a focus on its core pub business.