Marston's sees higher FY profit as pub sales rise
Reuters
Published Oct 10, 2018 08:21
Marston's sees higher FY profit as pub sales rise
(Reuters) - Pub operator Marston's Plc (L:MARS) said on Wednesday that it expects higher annual pretax profit, as total pub sales rose 3.2 percent boosted by unusually hot weather and the World Cup in the second half of the year.
The results indicated a progress after first-half sales of several pub operators including Marston's and peers such as JD Wetherspoon (L:JDW) and Greene King (L:GNK) were hit by heavy snow and rain.
Like-for-like sales at Marston's Taverns business rose 3.8 percent for the year ended Sept. 29, the company said.
"We are encouraged that our dining pubs are now seeing improving momentum and we expect to make further progress in 2019," Chief Executive Officer Ralph Findlay said.
Marston's total yearly brewing volumes rose 47 percent, boosted by the acquisition of the Charles Wells Beer Business, which brought well-known ale brands Bombardier, Young's and McGowan's into Marston's portfolio last year.
Wolverhampton-based Marston's also said it would buy 15 former Mitchells & Butlers (L:MAB) pubs from Aprirose, a property investment company.
(This version of the story corrects company name to Wetherspoon from Witherspoon in the second paragraph.)
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Written By: Reuters
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