Profits down at Marston's as it plans 20 new premium sites
Marston's has said that poor weather at the beginning of the year led to a dip in operating profit, but it is confident that sales look strong for the second half of the year.
The group, which operates 2,100 pubs including the Pitcher and Piano bars, reported that revenue was up £16m at £358m for the six months to 30 March 2013.
As it announced a new chairman, with Roger Devlin taking charge from September 2013 when David Thompson steps down, it said that operating profit was up 10% but underlying profit was down £1m to £66.6m, compared to 2012, reflecting higher finance costs.
The group said that the next 12 months looked promising, where it will see the benefit of 20 new pub-restaurant openings, including its first in Scotland (Dunbar). It added that new openings had been performing well, with revenue ahead of a target £26,000 per week target.
These would add to its 301 "destination and premium sites" which delivered a revenue of £154.7m, up 8.3%, and grew operating profit by 9.5% to £24.2m compared to 2012.
The franchise model set up in 2009, under which 600 of its pubs now operate, was reported to be performing well with like for like profits up 10%. As a result of this Marston's said that over time it expects that most tenanted pubs within Taverns - which account for 1,398 sites - and its community managed pubs would convert to franchises.
Chief executive Ralph Findlay said: "Although the first half of this year has been significantly impacted by the poor weather in January and March, our focus on quality and good service at reasonable prices is what consumers are looking for. This underpins our clearly defined and proved strategy as we continue to drive growth through building new pub-restaurants, developing franchises, and benefiting from market trends in brewing. Trading in the second half year has started well, and we remain confident of achieving our full-year targets."
Revere from Marston's launches pub with rooms: the Angel & Blue Pig >>
