Marston's PLC
26 January 2007
26th January 2007
MARSTON'S PLC
AGM STATEMENT
At the Annual General Meeting to be held at 12 noon today, Ralph Findlay, Chief
Executive, will give the following up-date on the Company's progress since the
start of the current financial year on 1 October 2006:
'Our good start to the new financial year, as reported in our Preliminary
Results Announcement on 1 December 2006, continued over the Christmas and New
Year trading period.
In Marston's Inns & Taverns, our managed pub division, like-for-like sales were
7.0 % ahead of last year in the 16 weeks to 20 January 2007. As previously
reported, like-for-like sales were 9.1% ahead of last year in the 8 weeks to 25
November 2006, and in the following 8 weeks to 20 January 2007 were 5.2 % ahead
of last year. Strong growth in food sales contributed to this good performance.
In Marston's Pub Company, our tenanted and leased pub division, trading has
remained good and is ahead of last year. Marston's Beer Company achieved strong
volume and market share growth in premium ale against a weak beer market
overall, with total beer volumes marginally below last year.
Overall, our performance and cash flow has been in line with our expectations.
Marston's Inns and Taverns new-build programme is progressing well, with 6 new
managed pub openings in Brighton, London, Hertfordshire, Cheshire, Nuneaton and
Bristol.
Marston's Pub Company has acquired 39 tenanted or leased pubs to date, including
the acquisition of Sovereign Inns for £19.4 million on 16 January 2007.
Sovereign Inns comprises an estate of 33 freehold pubs located principally in
Yorkshire, Nottinghamshire and Lincolnshire.
Our preparations for the smoking ban are well advanced in both Marston's Inns
and Taverns and Marston's Pub Company. The ban will apply in Wales from April
2007 and in England from July 2007, by which time we will have invested
approximately £20 million in outside areas, mainly in pub gardens and patios -
facilities which are available in around 90% of our pubs.
On 25th January we announced the acquisition of Eldridge Pope for £155.1
million. This acquisition is an excellent geographical and operational fit, and
offers further opportunities for investment and distribution of our beer brands.
Following the acquisition of Eldridge Pope, Marston's retains balance sheet
strength and financial flexibility. As stated in the Preliminary Results
Announcement on 1 December 2006, the Company aims to return around £100 million
to shareholders this financial year notwithstanding the acquisition of Eldridge
Pope, subject to retaining flexibility to make acquisitions should suitable
opportunities arise.'
ENQUIRIES:
Marston's PLC Hudson Sandler
Ralph Findlay, Chief Executive Andrew Hayes / Nick Lyon
Paul Inglett, Finance Director
Tel: 01902 329516 Tel: 020 7796 4133
This information is provided by RNS
The company news service from the London Stock Exchange
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