Euros delivered a boost to Marston's sales
The semi-finals and final of Euro 2024 delivered an eight per cent rise in sales for Wolverhampton-based pubs group Marston's.
Marston's, which operates around 1,370 pubs, said that for the 42 weeks to July 20 retail sales increased 6.2 per cent.
Like-for-like sales increased by 2.4 per cent in the 16 weeks to July 20.
The group said it had seen a considerable uplift from Euro 2024.
The eight per cent like-for-like sale srise came in the week of the semi-final and final when England lost 2-1 to Spain.
Marston's said this had helped to lessen the impact of recent unseasonably wet weather and a particularly strong comparative period last year.
The group is continuing to see positive momentum across both food and drink occasions. Food sales had been particularly encouraging, with changes to menu in pubs proving increasingly popular with guests.
On July 8 the group agreed to the sale of its 40 per cent interest in Carlsberg Marston's Brewing Company to a subsidiary of Carlsberg for £206 million in cash.
It says this strategic and transformational transaction will enable Marston’s to become a focused, pure-play pub company and supports a significant reduction in the group’s net debt to below £1 billion in a significantly accelerated time frame.
On July 114, the Financial Conduct Authority confirmed the changes to the UK Listing Rules, one of which means that shareholder approval is no longer required for Class 1 transactions. These changes are due to come into effect on July 29.
The Marston's board says that its intention is to waive the requirement for the transaction to gain shareholder consent when the new UK Listing Rules come into force. Completion of the transaction is targeted for July 31.
Chief executive Justin Platt said the continued positive trading momentum carried through from the first half of the financial year had been encouraging.
"This is a testament to the focus and energy of our team, who are dedicated to giving our guests the very best pub experiences. The disposal of our 40 per cent stake in CMBC marks a pivotal step for Marston’s, allowing us to become a pure play hospitality business. I look forward to delivering on the opportunities a focused pub business will provide," he added.
