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Marston's (MARS)

Share Price:
Up 129.40p
Change Today:
2.00p
Market Cap:
854.51m

Poor UK summer hits Marston's sales; Debt cuts accelerated

24 Jul 19

LONDON (ShareCast) - (Sharecast News) - Poor weather in May and June hit brewer Marston's, which reported a "modest" 0.5% rise in like-for-like sales at its managed and franchised pubs for the 42 weeks to July 20.
The company said it had decided to accelerate plans to cut debt and generate cash by deferring its remaining new-build plans and reallocate 20m - 30m of 70m in new-build capital expenditure "to drive higher returns from our existing estate".

"We believe that this focus will further enhance our returns from our existing pub business and reduce our debt at an even greater pace," the company said in a trading statement.

In its destination and premium business, like-for-like sales for the period were 0.1% ahead of last year and in taverns 1.1% ahead of last year.

Marston's in January said it wanted to cut debt by 200m from 2020-2023 through reduced capital expenditure, 120m in disposals and a reduction in interest and pension costs.

"We have made good progress already in this regard and remain on track to hit our 2019 cashflow and debt targets," it said on Wednesday.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Market Data

Currency UK Pounds
Price 129.40p
Change Today 2.00p
52 Week High 129.90p
52 Week Low 90.55p
Volume 3,298,091
Shares Issued 660.36m
Market Cap 854.51m

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