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Marston’s PLC on Monday said that sales have been lifted by the start of the football World Cup, and the pub company added that Christmas bookings are above pre-virus levels.
Marston’s added results for the year that ended October 2 will not be published on Tuesday as planned.
This was at the request of Carlsberg Marston’s Brewing Co’s auditors, who are finalising audit documentation. Marston’s holds a 40% stake in the JV, with Carlsberg AS owning 60%.
‘The group has been reassured that there is no disagreement between Carlsberg’s auditors and CMBC management and we should be in position to announce Marston’s results within the next week. The delay finalising the CMBC audit is entirely procedural and outside of Marston’s control,’ Marston’s added.
The company maintained guidance for the year just gone.
Since the end of its last financial year, trading has been ‘encouraging’, Marston’s said. Like-for-like pub sales are up 6.8% year-on-year.
During the two days when England has played in the World Cup, sales were up about 30% year-on-year. Drink sales alone were up around 50%.
In addition, bookings for the key Christmas period are so far ahead of 2019 levels.
‘Total bookings for the Christmas period are currently higher than in 2019 and in line with our plans, albeit walk-in trade typically accounts for a significant proportion of overall sales over the Christmas trading period,’ Marston’s added.
‘We remain cognisant of the current macroeconomic environment with the cost-of-living crisis, the impact of the conflict in Ukraine and the resulting challenges this brings in respect of cost inflation and the potential impact on disposable income, as well as potential supply issues. However, 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.’
As a result, it said there would be no change to its earnings guidance for its financial 2023.
Shares in Marston’s were down 0.4% to 40.08 pence in London on Monday afternoon.
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