Marston's (MARS) Trading Update summary

Trading performance

• Total retail sales rose 5.8% year-on-year, with like-for-like sales up 4.8%, outperforming the market.

• Food sales showed strong momentum, driven by high-quality offerings and simplified menus.

• Like-for-like sales increased 3.8% in the final 13 weeks, despite adverse weather.

• Management remains confident in achieving FY24 pub profitability in line with market consensus (£40.5m underlying PBT, excluding CMBC).

Strategic and financial developments

• Disposals strategy and sale of 40% share in CMBC, plus H1 CMBC dividend, enabled significant net debt reduction.

• Net debt (excluding IFRS 16 lease liabilities) expected to be around £885m, down approximately £300m from FY23.

• Focused pub business strategy positions the group for future growth and value creation.

Leadership commentary and outlook

• CEO highlights strong revenue as evidence of guest experience quality and team focus.

• Recent strategic moves, including CMBC disposal, strengthen the group’s position for shareholder value.

• Further growth opportunities to be detailed at the upcoming investor day.