Proactive Investors - Marston’s PLC (LON:MARS), the pub company, said upcoming sporting events this summer will help the group continue to grow its sales into the second half of the financial year.
Trading in the latter six months of the financial year has started positively, with the first six weeks seeing like-for-like sales increasing by 5.3%.
Justin Platt, the group’s chief executive, is confident the upcoming Euros and the Olympics this summer will drive growth further.
“The outlook for H2 is encouraging. With a number of ‘must not miss’ major sporting events, our massively upgraded pub gardens and much-loved food menus, we expect our pubs to be very popular this summer,” Platt said.
It comes as the group continues to undergo a cost-efficiency programme aimed at improving its margins.
Platt noted that by improving margins the pub group has been able to reduce its debt pile and grow its profits.
Underlying operating profits lifted 22% to £52.7 million in the first six months of the year, having seen a 5.2% jump in sales to £428.1 million.
A statutory loss of £43.5 million was recorded due to the increase in liabilities from interest rate swaps of £25.8 million and a one-off charge of £16 million related to its brewing venture with Carlsberg (CSE:CARLa).
Platt concluded: “I am very excited by the potential that lies ahead. The UK Pub Market offers significant value-driving opportunities for those who can engage and deliver for their guest.”