Mon 28th Nov 2022 - Marston’s reports like-for-like sales in managed pubs up 5% on FY2019 as full-year results delayed Marston’s reports like-for-like sales in managed pubs up 5% on FY2019 as full-year results delayed: Marston’s has reported like-for-like sales in its managed and franchised pubs since the year ending 2 October 2022 are up 6.8% versus the same period last year and 5.0% up versus the same period in FY2019. The company stated: “October earnings were in line with our expectations. Bookings for Christmas Day and Christmas fayre are encouraging and are building in momentum. Total bookings for the Christmas period are currently higher than in 2019 and in line with our plans, albeit walk-in trade typically accounts for a significant proportion of overall sales over the Christmas trading period. For the two England World Cup games which have taken place to date, total like-for-like sales on those days were circa 30% up compared with 2021, with drink sales up circa 50%. Food sales were better than anticipated, being up circa 1%. We remain cognisant of the current macroeconomic environment with the cost-of-living crisis, the impact of the conflict in Ukraine and the resulting challenges this brings in respect of cost inflation and the potential impact on disposable income, as well as potential supply issues. However, pubs have demonstrated their resilience time and time again and, to date, there is little in our trading performance to suggest that there has been a change to consumer behaviour; our guests still want to go out and have an affordable treat in a Marston's pub. As a consequence of the above, there are no material changes to events that would require a change to earnings guidance in respect of financial year 2023.” Marston’s provided the update as it reported its results for the year ended 2 October 2022 will not be released tomorrow (Tuesday, 29 November) as previously announced due to a short delay in the completion of audit procedures at its associated undertaking, Carlsberg Marston's Brewing Company (CMBC). Marston’s stated: “This is at the request of Carlsberg's auditors who are finalising their audit documentation. The group has been reassured there is no disagreement between Carlsberg's auditors and CMBC management and we should be in position to announce Marston's results within the next week. The delay finalising the CMBC audit is entirely procedural and outside of Marston's control. There is no change to the guidance previously issued by the group in respect of FY 2022, nor to the Group's trading update given on 11 October 2022, and Marston's auditors have indicated there are no other significant outstanding procedures from their perspective.” Marston’s added: “In addition, following a valuation of Marston's pub assets, the group can also announce the carrying value of the estate is now £2.1bn (2021: £2.0bn); as a result of the valuation undertaken in the second half. The result of the valuation is an increase in the net book value of the estate of £93.4m.”