Marston’s has reported encouraging trading following the year ended 2 October 2022, with like-for-like (lfl) sales in managed and franchised pubs up by 6.85% vs the same period in 2021 and 5% vs FY2019.
The pub operator further announced its final results are likely to be released next week, rather than on 29 November as expected, due to a short delay in the auditing process.
“This is at the request of Carlsberg’s auditors who are finalising their audit documentation. The Group has been reassured that there is no disagreement between Carlsberg’s auditors and CMBC management,” according to the update.
The group has stated October earnings were in line with expectations, while Christmas bookings have been encouraging. Total bookings are currently higher than in 2019, according to the update.
For the two England World Cup games that have taken place to date, total lfl sales were up 30% on those days compared to 2021. Drink sales were up c50% and food sales were up c1%.
Despite the wider macro-economic environment, the group has stated it is yet to see a significant change in consumer behaviour.
“Pubs have demonstrated their resilience time and time again and, to date, there is little in our trading performance to suggest that there has been a change to consumer behaviour.”
It further reported the carrying value of the 1,468-strong estate is now £2.1bn, up from £2bn in 2021, following a valuation undertaken in H2. This has resulted in a £93.4m increase in the estate’s net book value.
