Marston’s reports 5.2% LFL sales boost
Additionally, as announced on 8 July 2024, the group agreed to the sale of its 40% interest in CMBC to a subsidiary of Carlsberg for £206m in cash
Marston’s has reported a 5.2% increase in its like-for-like sales in the year to date and a 6.2% rise in total retail sales in its managed and franchised pubs for the 42 weeks to 20 July 2024.
Like-for-like sales also increased by 2.4% in the 16-week period to 20 July 2024, compared with the same period last year.
The group saw considerable uplift during Euro 2024, with like-for-like sales for the week of the semi-final and final matches rising by 8.0%. According to Marston’s, this helped to lessen the impact of recent unseasonably wet weather and a particularly strong comparative period last year.
Marston’s also continued to see positive momentum across both food and drink occasions. Food sales have been particularly “encouraging”, with changes to its menu proving “increasingly popular with guests”.
Additionally, as announced on 8 July 2024, the group agreed to the sale of its 40% interest in CMBC to a subsidiary of Carlsberg for £206m in cash.
Marston’s stated that the transaction will enable it to become a focused, pure-play pub company and supports a significant reduction in the group’s net debt to below £1bn in a significantly accelerated time frame.
The transaction is expected to be accretive on adjusted earnings per share.
Marstons said: “On 11 July 2024, the Financial Conduct Authority confirmed the changes to the UK Listing Rules, one of which means that shareholder approval is no longer required for Class 1 transactions. These changes are due to come into effect on 29 July 2024.
“The board can therefore confirm that its intention is to waive the requirement for the transaction to gain shareholder consent when the new UK Listing Rules come into force. Completion of the transaction is targeted for 31 July 2024.”
