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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Marston's Plc | LSE:MARS | London | Ordinary Share | GB00B1JQDM80 | ORD 7.375P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.50 | -1.79% | 27.45 | 27.00 | 27.15 | 27.65 | 27.00 | 27.00 | 1,155,063 | 16:35:15 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Malt Beverages | 885.4M | -9.3M | -0.0147 | -18.64 | 173.76M |
From Apr 2019 to Apr 2024
TIDMMARS
RNS Number : 9839K
Marston's PLC
19 December 2018
Marston's PLC (the "Company")
Annual Report and Accounts and Notice of Annual General Meeting 2019
The following documents have now been posted or otherwise made available to shareholders:
Hot Features
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-- 2018 Annual Report and Accounts;
-- Notice of Annual General Meeting to be held on 23 January 2019 ("AGM Notice");
-- Form of Proxy.
In accordance with LR 9.6.1R, a copy of each of these documents has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.
As required by DTR 6.3.5R(3), the Company confirms that the 2018 Annual Report and Accounts and AGM Notice are now available to view or download in PDF format from the Marston's PLC website: www.marstons.co.uk/investors/
A condensed set of the Company's financial statements and information on important events that have occurred during the financial year and their impact on the financial statements were included in the Company's preliminary results announcement on 21 November 2018. That information together with the information set out below which is extracted from the 2018 Annual Report and Accounts constitute the requirements of DTR 6.3.5 which is to be communicated via an RIS in unedited full text. This announcement is not a substitute for reading the full 2018 Annual Report and Accounts. Page and note references in the text below refer to page numbers in the 2018 Annual Report and Accounts. To view the preliminary announcement, slides of the results presentation and audio webcast please visit www.marstons.co.uk/investors/results-presentations/.
For further information, please contact:-
Anne-Marie Brennan
Group Secretary
01902 329163
Additional information
Our Principal Risks and Uncertainties
The following risks are, in the opinion of the Board, the principal risks which could impact on the achievement of our strategy. It is not intended to be a complete analysis of all risks and may change over time. A reminder of the two key components to our strategy:
1. Operating high quality pubs and lodges offering great places to drink, eat and stay.
2. Operating a 'best in class' beer business offering a wide range of premium and local brands and great service.
Market/operational
Risk context The risk Potential impact Mitigation
Marston's That our pubs, Reduction in
revenue brands or sales, or heavy * Customer satisfaction surveys, market and consumer
is dependent services discounting in insight.
upon being able fail to attract order to attract
to offer customers, do customers.
customers not reflect * Continual analysis of sales performance data of
an enjoyable changing individual sites and by pub format.
experience at customer
the right price. preferences,
It is reliant or offer poor * Pricing strategy, built upon careful analysis of
upon attracting service or customers' sensitivities at a sufficient level of
back existing quality. detail.
customers and Equally there
winning new is a risk that
customers. our prices become * Cost control, including menu margin analysis.
uncompetitive.
In addition,
Brexit could * Investment, location and design of our pubs.
impact upon
discretionary
spend and * Structure of our teams aligned with our pub formats.
consumer
confidence.
------------------ ------------------ -----------------------------------------------------------
Movement: The UK economy continues to face uncertainty. Economic
drivers for our customers in the near future could be employment
uncertainty, interest rate rises, depreciation in the value
of sterling and inflation. This creates a risk for our Group
in attracting customers and setting prices at an appropriate
level. These conditions also present an opportunity to gain
market sharefrom other operators who cannot manage the risk
as effectively.
Business continuity
Risk context The risk Potential impact Mitigation
Marston's Disruption to Disruption to
operations key suppliers, trade impacting * Continual assessment of suppliers' resilience and
depend upon particularly upon profit. capacity.
supplies those closely
of goods and involved with
services often our day-to-day * Site visits to our suppliers to assess crisis
from single activities planning.
sources. (logistics,
food, drink),
or shortage of * Contingency planning identifying how products or
commodities could services can be substituted.
significantly
impact Marston's
operations.
------------------- ----------------- --------------------------------------------------------
Movement: Marston's recognises the disruptive effects upon
our ability to manage events outside of the Group's control.
In 2018 we performed audits of resilience at some of our
major suppliers' sites in order to understand how the risk
can be further mitigated by working in partnership.
Health and safety, including food hygiene
Risk context The risk Potential impact Mitigation
Care for our Ultimately, harm Personal injury.
employees, our or injury to * Health, safety and hygiene management systems
customers and people through Significant embedded.
the public is breaches of health damage
a priority for and safety or to reputation,
our business food hygiene particularly * Dedicated health and safety managers seeking
and defines the regulations. through increased improvement.
parameters for media attention.
the risks the
business accepts Financial * Regular, documented inspections.
and those penalties.
activities
we reject. We * Training of staff.
continually seek
improvements
in the protection * Escalation of potential safety threats to senior
of people through management.
investment,
training,
policies and
practices.
Reducing
accidents,
increasing safety
and hygiene is
a key priority
for our business.
------------------- ------------------ ---------------------------------------------------------
Movement: At Marston's, food hygiene has been consistently
and rigorously controlled. The increase in business activity
is likely to put more pressure on safe practices. Our busy
and evolving working environment continues to be a challenge.
In 2018 we took steps to invest in more resource for health
and safety and repositioned its management within the Group
HR function in order to meet the need for greater focus.
Information technology
Risk context The risk Potential impact Mitigation
Our business Threats to IT Reduction in
activity is very are both external the effectiveness * Anti-virus and firewall protection.
reliant upon and internal of operations,
the Group's IT and could result business interruption
network to communicate, in a network and loss of profit. * Access control, password protection
operate effectively, outage, loss, Regulatory fine and IT policy
serve our customers, theft or corruption as a result of adherence.
process transactions of data, or denial the loss of data.
and report on of service.
results. * Network controls and monitoring.
* Penetration testing and remediation.
* Backup procedures.
* Data recovery plans and rehearsals.
--------------------- ----------------------- -------------------------------------------
Movement: Global cyber risk has evolved recently; theft of
personal data is becoming more common; ransomware attacks
are now more widespread and attacks are more sophisticated.
Marston's has conducted penetration testing on its network
for many years. Specific cyber risk reviews have been conducted
in recent years on IT security by independent teams. We have
invested in additional network and device monitoring functionality.
In 2018 we enhanced the monitoring of devices accessing our
network. Next year we intend to engage more with our people
to encourage greater awareness of cyber threats and their
role in protecting our IT network.
Our people
Risk context The risk Potential impact Mitigation
Marston's Failure to Reduction in
operates attract customer * Continually review and benchmark our people offer
in a very or retain the satisfaction against our competitors through participation in
competitive best people. levels. appropriate networks.
environment with
a talent outflow Financial targets
from the sector and strategic * Development of our 'People Promise'.
and a shortage objectives are
of skilled roles not met.
such as chefs. * Improved induction, training and development
Demand for high programmes.
calibre people
adds further
pressure in a * Increased focus on development of our line managers
labour market to improve employee retention.
tightening due
to Brexit. Our
lack of brand
presence and
the need to
prudently
manage costs
increases this
challenge.
------------------ ------------------ ----------------------------------------------------------
Movement: The sustained growth in our business has allowed
for improvements in training programmes and given more opportunity
for our people to progress.
Our Performance, Career and Development Review (PCDR) cycle
has brought a common approach to people development across
the Group, enhancing the dialogue on expectation, achievement
and career progression.
Financial covenants, pension fund deficit and accounting controls
Risk context The risk Potential impact Mitigation
The Group's Breach of the Loss of investor
financial covenants with confidence and * Regular detailed management accounts, budgets and
system handles our lenders. reputational forecasts.
a large number Inadequate damage. Potential
of transactions funding loss as a result
accurately and of the pension of fraud. Breach * Constant monitoring of financial ratios.
securely. scheme. Incorrect of covenants,
Accurate reporting of resulting in
reporting is financial additional * Programme of internal and external audits.
key to running results. financial
the business Unauthorised and operating
effectively and transactions. restrictions. * Segregation of duties.
in compliance
with our
financial * Access controls within our systems.
covenants.
* Levels of authority.
* Monitoring pension investment yields and increasing
contributions in order to clear the pension deficit
within a reasonable timeframe.
------------------ ------------------ ----------------------------------------------------------
Movement: There are strong controls mitigating this risk
to a low level. There has been no change in the risk since
last year.
Brexit
Risk context The risk Potential impact Mitigation
The Withdrawal There is a risk A 'no deal'
Agreement setting that there is scenario * Continual assessment of supply contracts and
out the terms no agreement would impact renegotiation of terms when they fall due, to protect
by which the by the time the upon our costs our business from Brexit related costs.
UK will leave UK leaves the to import food
the EU is EU on 29 March and drink due
currently 2019. to currency * Establish procedures to account for customs
in negotiation. fluctuation, declarations and tariffs.
Once concluded tariffs and
the terms will inflation.
still require Our ability to * Consider alternative sources of supply if our
approval by the export beer suppliers experience difficulty importing goods.
UK Government could
and the EU. also be impacted
by tariffs. * Less than 4% of our employees are EU nationals. We
aim to support our people once information on working
It may be harder within the UK has been confirmed.
to secure
long-term
agreements with
our suppliers.
Border delays
could disrupt
our supply chain
impacting upon
the availability
of food and
drink
brands to our
pubs and our
customers'
businesses.
The UK job
market
could become
less desirable
for EU
nationals,
which could lead
to a shortage
of specific
types
of skilled
workers
within our
market
sector.
----------------- ----------------- ------------------------------------------------------------
Movement: Marston's recognises the disruptive effects that
Brexit has upon our business and the UK economy, particularly
during this period of uncertainty.
Brexit related risks will be continually monitored and reported
to our PLC Exec and Board and independent assurance will
be sought regarding any business change necessary to meet
legislative and commercial requirements.
Statement of Directors' responsibilities in respect of the financial statements
The Directors are responsible for preparing the Annual Report and Accounts and the financial statements in accordance with applicable law and regulation.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the Group financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and the Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102), and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the Group for that period. In preparing the financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- state whether applicable IFRS as adopted by the European Union have been followed for the Group financial statements and United Kingdom Accounting Standards, comprising FRS 102, have been followed for the Company financial statements, subject to any material departures disclosed and explained in the financial statements;
-- make judgements and accounting estimates that are reasonable and prudent; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation.
The Directors are also responsible for safeguarding the assets of the Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors' confirmations
The Directors consider that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group and Company's performance, business model and strategy.
Each of the Directors, whose names and functions are listed on pages 42 to 43 confirm that, to the best of their knowledge:
-- the Company financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102, and applicable law), give a true and fair view of the assets, liabilities and financial position of the Company;
-- the Group financial statements, which have been prepared in accordance with IFRS as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the Group; and
-- the Strategic Report together with the Directors' Report includes a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the principal risks and uncertainties that it faces.
In the case of each Director in office at the date the Directors' Report is approved:
-- so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware; and
-- they have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Ralph Findlay Andrew Andrea
Chief Executive Officer Chief Financial and Corporate
Development Officer
21 November 2018
ENDS
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
December 19, 2018 06:04 ET (11:04 GMT)
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