Marstons, the brewer and pubco, today reported Q1 sales for a 15 week period as it reported LFL sales up 2.1% on last year, with even wet sales up 1%. This is against tough comparables as the firm had a good increase the previous year.
Marstons is making a good success with it's tenanted pubs, having introduced a franchise agreement in 550 pubs, it sees profits in the tenanted estate up 2%.
Ralph Findlay, Chief Executive Officer, said:
'The results for the year to date are further evidence that our strategy is appropriate for the current environment and is generating consistent and encouraging results. We expect economic pressures to continue to constrain consumer confidence, and see no evidence that the Government recognises the damage being caused to pubs by high taxation and over-regulation. Nevertheless, we are confident of making further progress towards our objectives of sustainable growth, higher return on capital and reduced leverage.'
Shares in Marstons closed last night at 134.2p valuing the firm at £766 million.