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21 Nov 2018 | 09:24

Marston's holds dividend steady as profit falls 46%

Pub group Marston's posted a 46% fall in annual profit owing to a revaluation of its estate and held its dividend steady.

Pre-tax profit for the year though September fell to £54.3m, though underlying profit rose 3.9%% to £104.0m when the revaluation impact was excluded.

Revenue grew 15% to £1.14bn and like-for-like sales grew 0.6%, with wet-led pubs outperforming food-led pubs.

Marston's kept its final dividend at 4.8p per share.

'Marston's has performed well in a difficult market,' chief executive Ralph Findlay said.

'Our taverns wet-led community pubs and market-leading brewing business had an outstanding year, more than offsetting the effects of weather volatility and the World Cup on our food-led pubs.'

'Macro-economic and political uncertainty is reflected in our capital plans this year.'

'However, the outlook for good pubs and brewing remains attractive and Marston's is well placed to leverage the opportunity this presents with our high quality, well invested estate, leading brands and great people.'

'We expect to make positive progress once again in the current financial year.'

At 9:24am: (LON:MARS) Marstons PLC share price was -0.7p at 97.8p

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