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Making Marston's the Place to Be

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Making Marston's the Place to Be Marston’s PLC Annual Report and Accounts 2016 Marston’s PLC Annual PLC ReportMarston’s and Accounts 2016 Making Marston's The Place to Be THE PLACE TO BE... Our ambition TO MAKE MARSTON'S 'THE PLACE TO BE' FOR… OUR OUR OUR PEOPLE CUSTOMERS SHAREHOLDERS We want to recruit, retain We want our customers to visit We want to be the place for and develop the best possible us and then come back time long-term investors who people in the industry. and time again. support our strategy. More on page 16 More on page 14 More on page 43 We’ve been running pubs and brewing beer in one form or another for over 180 years. It’s a heritage that we’re hugely proud of but a lot has changed in this pubs1,559 time. As markets and customer needs have moved on, we’ve adapted with them so that our products, services and teams continue to be the best they can possibly be. 42 We own a wide range of industry-leading assets new beers – from pubs to brands – which are the result of investment decisions that support our clear and consistent strategy. 953 There are more than 14,000 employees at almost rooms 1,600 pubs, inns, breweries, depots and offices across the UK focused on delivering a great customer experience. We do this at the same time as looking at ways to meet our stated financial objectives. employees14,000 In 2016, we reinvigorated and recommunicated our ambition, purpose and ways of working to ensure we are all aspiring to the same standards and outcomes. Strategic report A Snapshot of 2016 (52 weeks ending 1 October 2016) • Revenue and earnings growth, stronger balance sheet. • Transformed pub estate generating growth opportunities. • Local strategy and innovation creating growth in Brewing. • Final dividend up 4.4% to 4.7 pence. Dividend cover up 0.1 times to 1.9 times. • Well positioned for growth in 2017. Governance Underlying* revenue (£m) Underlying* operating profit (£m) Financial statements More online £905.8m up 7.1% £172.7m up 4.4% This year we have incorporated material information on our 719.7 782.9 787.6 845.5 905.8 157.8 168.2 156.1 165.4 172.7 community involvement and our people into our main narrative report. More case studies about Marston's 'The Place to Be…' and additional Corporate Responsibility information can be found on our website. www.marstons.co.uk/investors/strategy www.marstons.co.uk/responsibility 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 For a full-year end press release, preliminary results presentation, webcast and video of a Additional information Underlying* profit before tax (£m) Underlying* earnings per share (p) summary of the year, visit: £98.0m up 7.1% 14.0p up 8.5% www.marstons.co.uk/investors 86.7 86.1 83.0 91.5 98.0 12.2 12.0 11.7 12.9 14.0 Strategic report approval The Strategic report, outlined from the inside front cover to page 33 incorporates: A Snapshot of 2016, At a glance, Our Business Model, Our Marketplace, Chairman’s Statement, Chief Executive’s Statement and Strategy Update, Our 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Strategy, Our Key Performance Indicators, Our Risks and Risk Management, Our Principal Risks * The underlying results reflect the and Uncertainties, Group Operating and Financial Total dividend per share (p) Review and Corporate Responsibility. performance of the Group before exceptional 7.3p up 4.3% and other adjusting items. The Directors By order of the Board consider that these figures provide a useful 6.1 6.4 6.7 7.0 7.3 indication of the underlying performance of Ralph Findlay Chief Executive Officer the Group. 24 November 2016 On a statutory basis profit before tax was £80.8 million (2015: £31.3 million) and earnings per share were 12.7 pence (2015: 4.1 pence). 2012 2013 2014 2015 2016 A glossary of terms used within the Annual Report and Accounts can be found on page 122. 1 Strategic report: At a glance THE PLACE TO BE... ACROSS THE NATION Marston’s PLC Marston’s National coverage with a growing, high quality estate We operate across the UK and are focused on expanding a high quality estate, which we continue to Annual Report and Accounts 2016 strengthen through organic development of pub-restaurants and franchise-style pubs, including planned new-builds and, more recently, through investment in lodges and Premium bars that widen our appeal. Our five breweries supply and distribute a wide portfolio of beers to our estate, supermarkets and other pub businesses across the nation. Marston's estate 2016 SCOTLAND Foundry 39, Edinburgh 14 108 NORTH OF ENGLAND 156rooms added Chain Bridge, Boston 96 1 258 127 92 new pub-restaurants22 and bars MIDLANDS 138 Mug House, Worcester 2 416 30 115 87 244 162 23 42 WALES 138 new beers 2 51 Llanwern Bull, Newport 359 54 Key SOUTH OF Destination and Premium 416 397 ENGLAND Taverns 812 397 Leased 331 Rooms 953 397 Wychwood Brewery, Witney Breweries 5 2 Organised to reflect market trends Strategic report We have five operating segments, as set out below, which reflect different customer profiles, flexible operating models, products and services. More detailed information about each reporting segment can be found in our Group Operating and Financial Review on pages 24 to 30. Key operating Governance Destination Taverns Leased Brewing Group segment and Premium Services 416 pubs 812 pubs 331 pubs 5 breweries 2016 underlying operating profit £90.2m £56.0m £24.2m £23.2m +7.9% +0.2% +1.7% +12.1% (2015: £83.6m) (2015: £55.9m) (2015: £23.8m) (2015: £20.7m) 2016 underlying operating profit 12% 12% by segment 29% (excluding Group 47% Services costs) Financial statements • Family dining and • Community pubs • Distinctive pubs • A blend of Our Group Services great value with a more with a high degree traditional team provides a • Relaxed pub traditional pub of independence heritage, range of functional environment ambience • Longer-term innovative services that support • Includes agreements that development and and connect the • Main formats contemporary wider business, include: Marston’s franchised pubs, attract skilled managed pubs entrepreneurs breweries including IT, HR, 'Two for One', Finance, Retail and tenancies who develop their • A wide portfolio of Additional information 'Milestone Systems, Company Rotisserie', • Strong community own businesses beers with appeal for all types of Secretariat, Legal, 'Milestone engagement, • Our partnership Risk and Compliance. Carvery', and often with approach attracts drinker and to suit 'Generous George' entertainment, the right lessee any occasion • Destination food sports teams and and provides • National sales mix is 60% games business support distribution network • Pitcher & Piano • Typically wet-led and Revere pubs pubs, with food • Local approach offer premium sales representing to beer brand food and drink 19% in 2016 and management growing • Attractive, often • Publican National iconic, town centre Cask Ale Supplier and suburban of the Year locations • Brand • Premium food collaboration and sales mix is 29% contract services Rooms We operate 953 rooms across 54 pubs and lodges within our Destination and Premium estate, having added six 397 new lodges during the year. Accommodation acts as a complementary income stream to an existing pub. 3 Strategic report: Our Business Model THE PLACE TO BE... DRINKING, EATING AND STAYING Marston’s PLC Marston’s Our core business is running great pubs and brewing great beer, which delivers good and sustainable returns. However, Annual Report and Accounts 2016 in our fast-moving and fiercely competitive markets we need to stand out from the crowd. Our competitive advantage comes from the behaviours and skills of our people and the quality of our assets. We create value through offering our customers great experiences in our All of our activities are supported by a central support team focused pubs and producing great beers from our breweries. This is underpinned on setting the strategic, financial and governance framework to by a people strategy that focuses on creating competitive advantage deliver growth. through developing and recruiting the best teams to deliver this value. To maximise the value generated we continuously explore ways to innovate and improve our customers' experience in the most cost effective way. We maintain strong financial discipline across the business to ensure growth is sustainable and maximises long-term returns on our assets. There are three components to our way of working: • Focusing on new experiences and offers for our customers. • Matching the right customer offer with the appropriate operating model to maximise returns from each pub. • Creating a fun and welcoming place for our customers, employees and our partners. In addition to brewing our market-leading portfolio of beers, our beer business also provides a variety of other products and services for our customers: ranging from brewing and packaging to national FOOD distribution services. ROOMS WE RUN GREAT PUBS DRINK WE BREW GREAT BEER 7 5% le premium a 8 ly 3% al of ern bee ext r brewed is sold 4 How we add value Strategic report Pubs 397 397 397 Food/Drink 397 Rooms 397 Beer 397 • Different ownership models • A differentiated informal • Using the locations of our well- • Own-brewed beers reflect provide flexibility in selecting the experience combining casual positioned pubs to add value to and strengthen our regional best way to operate each pub. dining standards and pub values. our estate by strengthening and provenance, increase brand • Market-leading contemporary • Development of branding and broadening the customer offer: awareness at home and increase pub-restaurant designs and offers format clarity has enabled fast – Increasing our lodge footfall in our pubs and bars.
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