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Marston's (MARS)

Share Price:
Down 90.05p
Change Today:
-2.55p
Market Cap:
594.66m

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 90.05p
Change Today -2.55p
52 Week High 131.40p
52 Week Low 88.20p
Volume 4,070,462
Shares Issued 660.36m
Market Cap 594.66m

Dividends

  Latest Previous
  Final Interim
Ex-Div 12-Dec-19 23-May-19
Paid 27-Jan-20 02-Jul-19
Amount 4.80p 2.70p