Local pubcos making good progress
WEST Midlands pubcos Marston’s & Mitchell & Butlers have both filed positive results.
Wolverhampton-based Marston’s, announcing its interim results for the 26 weeks ended April 4, reported revenue and earnings growth.
Underlying group revenue was up 3% to £384.5m, while underlying profit before tax up was 2% to £29.6m.
In Destination and Premium, like-for-like sales were up 1.5%, underlying operating profit up 10% and operating margin up 0.5%.
In Taverns, managed and franchised, like-for-like sales were up 1.4% and profit per pub up 19%
Marston’s completed eight new-builds in the half year while 37 pubs were converted to franchise.
It continues to dispose of smaller wet-led pubs, recording disposal proceeds of £26m, including the sale of 65 pubs
Marston’s acquired Thwaites’ brewing operations completed in April.
Ralph Findlay, chief executive, said: “Two years ago, we set out our plan to reposition our pub estate, focusing on high-quality pubs with opportunity for further growth.
“As we approach the end of the transition period, these results demonstrate our plan is working.”
Birmingham’s Mitchells & Butlers, meanwhile, saw its revenue increase by 9.5% to £1.11bn in the half year to April 11.
It saw like-for-like sales growth of 1.7%.
Its adjusted operating profit was up 4.1% to £153m.
M&B’s capital expenditure was up from £86m in H1 2014 to £94m. There were nine new openings and 23 conversions.
Chief executive Alistair Darby said: “We have made good progress in the first half.”
