Marston's expects slightly lower half year profit

Brewer and pub operator Marston's said snow and exceptionally cold weather throughout the UK in the three months to the end of March hit trading across its pub estate and as a result, expects to report slightly lower operating profit for the first half.

Brewer and pub operator Marston's said snow and exceptionally cold weather throughout the UK in the three months to the end of March hit trading across its pub estate and as a result, expects to report slightly lower operating profit for the first half.

The Wolverhampton-based group, which brews Banks's and Pedigree, said expectations for the overall trading performance for the full year however remain unchanged.

The group, which has an estate of around 2,130 pubs, said trading has started well in the second half and it expects to benefit from less challenging sales comparatives for the remainder of the financial year.

"We have opened nine new pub restaurants in the financial year to date and anticipate opening at least 20 by the end of the year which, combined with the rollover benefit of the back-ended 2012 programme, will generate additional profit in the second half," it said in a company update.

As part of the operational restructuring costs reductions, it expects to reduce operating costs by around £3m per year, with about half of this amount benefiting the results for the second half of this year, it explained.

CJ

Recommended

Improve your odds of investment success with these three stocks
Share tips

Improve your odds of investment success with these three stocks

Professional investor Tom Wildgoose of the Nomura Global High Conviction Fund highlights three of his favourite stocks.
2 Aug 2021
How to profit from pampered pets beyond the pandemic
Share tips

How to profit from pampered pets beyond the pandemic

Covid-19 has greatly boosted ownership. But the market had been expanding for years, and demographic, cultural and medical trends all point to long-te…
30 Jul 2021
Share tips of the week – 30 July
Share tips

Share tips of the week – 30 July

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Jul 2021
Robinhood is going public – should you invest?
US stockmarkets

Robinhood is going public – should you invest?

Online stockbroking app Robinhood is going public on the US stock exchange. Saloni Sardana looks at whether it's worth a punt.
29 Jul 2021

Most Popular

Why the UK's 2.5% inflation is a big deal
Inflation

Why the UK's 2.5% inflation is a big deal

After years of inflation being a financial-assets problem, it is now an “ordinary things” problem too, says Merryn Somerset Webb. But central banks st…
16 Jul 2021
The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism
Economy

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism

Russell Napier talks to Merryn about financial repression – or "stealing money from old people slowly" – plus how Asian capitalism is taking over in t…
16 Jul 2021
Cryptocurrency roundup: Twitter founder’s “DeFi” platform
Bitcoin & crypto

Cryptocurrency roundup: Twitter founder’s “DeFi” platform

In crypto this week: regulators are getting worried; Jack Dorsey’s bitcoin DeFi platform; and dogecoin’s co-founder lambasts cryptocurrencies.  Salon…
16 Jul 2021