16 October
2024
MARSTON'S
PLC
('Marston's' or 'the
Group')
CAPITAL MARKETS
DAY
NEW CHAPTER AS A LEADING PURE
PLAY HOSPITALITY BUSINESS
Marston's, a leading UK operator of
1,339 pubs, is today hosting its 2024 Capital Markets
Day.
Management will outline the Group's
growth and financial strategy, including providing new near and
medium-term financial targets. A recording
will be available on the Marston's plc website at
https://www.marstonspubs.co.uk/investors/results-presentations/
following the event.
Strategic update and new near & medium-term financial
targets
Marston's Management team will
present the Group's strategy as a leading pure play hospitality
business. The updated strategy will drive a
high-margin, highly cash-generative local pub company based on
differentiated formats, and a brand portfolio that is naturally
balanced to appeal across a range of consumer segments.
The delivery of this strategy will
centre on five key value drivers;
· Executing a market leading operating model
· Targeted investment to create five differentiated pub
formats
· Digital transformation
· Expansion of managed & partnership models
· Leveraging Marston's synergies in targeted M&A
Our strategy will ensure we drive
guest demand and deliver amazing pub experiences whilst maintaining
our focus on best-in-class operations and cost efficiencies to
expand the Group's profitability and cash generation
profile.
As a result, in the near to medium
term we expect to deliver:
· Revenue growth ahead of the market1
· EBITDA
margin expansion of 200-300 basis points
· Over
£50 million recurring free cash flow2
· >30% ROIC on investment focused capex
The delivery of the strategy and
financial targets are underpinned by a strong balance sheet, with
no material refinancing requirement for at least 10 years, and a
disciplined capital allocation framework focused on enhancing
shareholder value.
Justin Platt, Chief Executive of Marston's,
said:
"Marston's is embarking on a new and exciting chapter as a
pure play hospitality business. At today's CMD we are outlining a
differentiated strategy for growth that is anchored in the needs of
our guests and focused on driving sustained value for our
shareholders.
With a relentless focus on delivering amazing pub experiences,
Marston's has a real opportunity to drive significant, incremental
value in the coming years. We are very excited by the opportunities
that lie ahead."
[1] Market is
forecast to grow at 3% CAGR, according to Mintel.
2 Free cash flow is cash flow after capex before debt repayments
and excluding disposals.
Enquiries:
Marston's PLC
Justin Platt,
CEO
Tel: 01902 329516
Hayleigh Lupino,
CFO
Matthew Lee, Investor
Relations
matthew.lee@marstons.co.uk
Rebecca Jamieson, Investor
Relations
rebecca.jamieson@marstons.co.uk
Sodali & Co (Media)
Ben
Foster
Tel: 020 7250 1446
Russ Lynch
Oliver
Banks
marstons@sodali.com
Notes to editors
Marston's PLC, whose shares are
listed on the London Stock Exchange under the ticker MARS, is a
leading pub operator with an estate of 1,339 pubs nationally, comprising managed, partnership
('franchised') and tenanted and leased pubs. Marston's employs
c.10,000 people. More information is
available at: https://www.marstonspubs.co.uk/.