Marston's says trading is encouraging

21st Jan 2014 07:11

- Encouraged by full-year performance- Good trading over festive period - Solid first-half tradingBrewer and pub group Marston's said its performance in the financial year-to-date has been encouraging, including good trading over the important Christmas and New Year period. It added that its first-quarter performance has also been solid with growth in each of its key trading divisions.In Destination and Premium, like-for-like (LFL) sales rose 4.1% on last year including LFL food sales growth of 5.6% and wet LFL sales growth of 2.2%. In the key three-week Christmas trading period to January 4th trading was strong with growth of 3.3%, down from 5.8% growth in the corresponding period last year. Operating margins were slightly ahead of last year and its plans for 25-30 new pub-restaurants in the current financial year are on track, with 11 openings expected in the first half. In Taverns, managed and franchise pub LFL sales were 3% ahead of last year, with strong Christmas and New Year trading.Chief Executive Ralph Findlay said: "We traded well over the Christmas period. Our performance in the first quarter has been good and, encouragingly, we have achieved growth in each of our key trading divisions."Elsewhere in Leased, profits are estimated to be around 1% ahead of last year.In Brewing, while volumes are just below last year continued growth in premium ales benefited operating margins, resulting in profits being slightly ahead.Net debt and cash flow are in line with Marston's expectations.CJ