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

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021