LONDON (dpa-AFX) - British brewer and pub operator Marston's Plc (MARS.L) reported Wednesday higher revenues in its fiscal 2018, and said it expects growth in underlying profit before tax, driven by strong trading during the World Cup and warm summer weather.
In the most recent 10 weeks, like-for-like sales were up 1.6%.
In its trading update for the year, the company reported that Group turnover was up 15% to over 1.1 billion pounds. Total pub sales increased 3.2%, including like-for-like sales growth of 0.6% and the contribution from pub expansion programme.
The company expects to report full-year underlying profit before tax of around 104 million pounds, higher than last year's 100.1 million pounds. The company sees higher operating profits in each of trading segments offset by higher interest charges.
Ralph Findlay, Chief Executive Officer, said, '2018 was a strong year for our Taverns and Beer businesses. ..Although trading in Destination food-led pubs was weaker, this predominantly reflects issues beyond our control relating to unseasonal weather extremes and the World Cup. However we are encouraged that our dining pubs are now seeing improving momentum and we expect to make further progress in 2019.'
The preliminary results will be announced on November 21.
Copyright RTT News/dpa-AFX