Marston’s (LON:MARS) Posts Solid Results & Plans To Open More Pubs
Marston’s employs an estimated 13,500 people in the UK.
Marstons, one of the UK’s leading pub operators and independent brewers which has an estate of roughly 1,600 pubs on Thursday released its trading results for the 52 weeks ended 3rd October. The company posted solid gains in revenue and profit citing its transformation of its pub portfolio as largely complete.
The business saw underlying group revenue increase by 7% to £845.5 million with underlying profit before tax also up 10% to £91.5 million. Marston’s identified the results as being contributed through new pub-restaurants and strong performance in the brewing division.
Marston’s PLC CEO, Ralph Findlay said:
“The three year transformation of our pub portfolio towards an optimised estate is now largely complete. We approach 2016 with our business successfully positioned at the forefront of industry trends with high quality, well-invested pub assets which are fit for the future. We have great people and a growing portfolio of leading beer brands where our focus on premium and local provenance continues to serve us well.
“Looking forward, we remain on track to open at least 20 new-build pubs this year and have in place a carefully selected site pipeline in key regional locations for 2016 and beyond. Whilst new-build, food-led pubs remain our core growth driver, we have evolved our strategy to capitalise upon other opportunities for expansion where we see attractive returns potential.
“At this early stage of the current year trading has begun well and we look forward to building on this momentum over the months ahead to deliver another year of good progress for the Group.”
Since 2013 Marston’s have reduced the amount of pubs in their estate from 2,050 to a core 1,600 pubs which they said “now substantially completes the disposal programme”.
The pub company and beer brewer said that the business was well positioned for growth in 2016 with a minimum of 20 new-build pubs planned, including Marston’s first new-build Tavern planned for this current year in addition to 2 Revere bars and 5 lodges.
Following the results the board proposed a final dividend of 4.5 pence per share providing a total dividend for the year of 7.0 pence per share, which is a 4.5% increase on 2014.
