Marston's PLC Annual Financial Report (8655J)

TIDMMARS

RNS Number : 8655J

Marston's PLC

24 December 2020

Marston's PLC (the "Company")

Annual Report and Accounts and Notice of Annual General Meeting 2021

The following documents have now been posted or otherwise made available to shareholders:

   --     2020 Annual Report and Accounts; 
   --     Notice of Annual General Meeting to be held on 27 January 2021 ("AGM Notice"); 
   --     Proxy forms for the 2021 Annual General Meeting. 

In accordance with LR 9.6.1R, a copy of each of these documents has been submitted to the Financial Conduct Authority's Electronic Submission Service and may shortly be viewed on the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

As required by DTR 6.3.5R(3), the Company confirms that the 2020 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 10 December 2020. That information together with the information set out below, which is extracted from the 2020 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 2020 Annual Report and Accounts. Page and note references in the text below refer to page numbers in the 2020 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 Board recognises the following principal risks could materially impact upon the operation of the business and its strategic objectives.

Pandemic risk is recognised as an individual key risk below due to the uncertainty of the current crisis, its duration of impact and its eventual resolution. It is one of the very few risks which can result in the complete shutdown of our pub estate.

At present it is appropriate to recognise that future lockdowns at a local or national level remain possible.

Many of our principal risks are amplified by the pandemic crisis, necessitating additional mitigations to be put in place to support future business continuity. The pandemic impact upon the individual principal risks is shown on the following pages.

 
1. Pandemic 
Risk context       The risk           Potential impact      Mitigation 
COVID-19           There is a risk    Ability of our         *    Tracking government advice and implementing it 
uncertainty        that infection     teams to operate            effectively. 
regarding the      rates increase     safely. 
continued impact   leading to         Reduced numbers 
upon public        further            of guests, and         *    Adapting our pubs to facilitate distancing. 
health             restrictions       shorter stays. 
and our            on the public      Increased 
behaviour.         and further        operating              *    Training our team members. 
The duration of    trading            costs. 
measures taken     regulations for 
to reduce the      pubs                                      *    Building contingency plans for future lockdowns. 
infection rate     and lodges. 
is uncertain. 
                                                             *    Consulting with our employees on safety concerns and 
                                                                  operational issues. 
 
 
                                                             *    Simplifying our menus, streamlining our guest 
                                                                  proposition and our supply chain to concentrate on 
                                                                  offering the highest guest satisfaction at the right 
                                                                  margin. 
 
 
                                                             *    Regular scrutiny of asset values. 
                   -----------------  ------------------  ------------------------------------------------------------ 
Impact                                The pandemic has impacted the valuation 
                                       of the Group. Hospitality sector share prices 
                                       are depressed to a historic low. The determination 
                                       of asset values must consider future trading 
                                       levels which are at present uncertain. 
                                      -------------------------------------------------------------------------------- 
Movement - Increased: The world is in the midst of a global pandemic. Until a vaccine 
 has been successfully deployed, our operating environment and the ability to engage 
 with our guests remains potentially disrupted. 
Opportunity: Our pubs have been sorely missed by guests when forced to close, and 
 upon reopening, their popularity especially during the EOHO promotion has been a 
 reminder of their importance to their community. The situation reinforces our guests' 
 loyalty to their local pub. Pubs can benefit from the increased spend by the public 
 within the locality of their homes. The changing marketplace provides opportunity 
 for us to stand out to our guests. 
 The vaccination of the most vulnerable has begun in the UK, hopefully this will continue 
 successfully, leading to widespread immunisation in 2021. 
 
 
2. Liquidity 
Risk context       The risk           Potential impact      Mitigation 
Business strategy  While the UK       The liquidity          *    Continue to lobby Government for pubs to remain open 
is to reduce       battles the        of the business             with the assurance that they can operate in a 
debt, however      pandemic,          could come under            COVID-19 safe manner. 
short-term         there is a risk    strain as a result 
disruption         of regional        of steps taken 
could necessitate  lockdowns          by the UK              *    Lobby Government for more financial support. 
the need for       or national        Government. 
additional         measures 
finance.           which could                               *    Reduce debt. 
                   impact 
                   upon the ability 
                   of the pubs to                            *    Conserve liquid funds by cutting back on capex spend 
                   trade.                                         and reducing costs. 
 
 
                                                             *    Maintain strong relationships with financial backers 
                                                            . 
                   -----------------  ------------------  ------------------------------------------------------------ 
Pandemic impact                       Successive waves 
                                      of the pandemic        *    Significant headroom in our bank facility to provide 
                                      could impact                operational liquidity for at least 18 months without 
                                      upon the                    further recourse. 
                                      confidence 
                                      of banks to back 
                                      those businesses       *    Lobby Government on the importance of the pub trade 
                                      most affected,              to the UK economy. 
                                      such as 
                                      hospitality. 
                                                             *    Plan for resilience within our financial model to 
                                                                  cover further short-term disruption. 
                                      ------------------  ------------------------------------------------------------ 
Movement - Increased: UK Government have taken action to help protect 
 the hospitality business during the pandemic, which has helped liquidity 
 within Marston's, however trading conditions are likely to remain 
 disrupted in the short term. 
Opportunity: In the medium-term competition may reduce as a result 
 of operators scaling back or leaving the market, bringing opportunities 
 at the right rate of return. 
 
 
3. Health and safety 
Risk context       The risk           Potential impact     Mitigation 
The safety of      Breaches of        Significant           *    Health, safety and hygiene management systems 
our guests, our    health             damage                     embedded. 
people and the     and safety         to reputation. 
public is          regulations 
fundamental        might endanger                           *    Dedicated safety advisers seeking continuous 
to our             the health of                                 improvement. 
activities.        an individual, 
We seek to attain  attract media 
the highest        attention and                            *    Regular independent expert safety audits at our pubs. 
levels             high penalties. 
of safety. Lapses 
of safety damage                                            *    Training of team members. 
the trust and 
reputation of 
the Group.                                                  *    Escalation of potential safety threats to senior 
                                                                 operational management. 
                   -----------------  -----------------  ------------------------------------------------------------- 
Pandemic impact                       The Government     Once issued, regulations have 

                                      and local           been communicated by our Health 
                                      authorities         and Safety team to our operational 
                                      have issued         managers to ensure they are 
                                      instructions        clear about the steps they 
                                      for hospitality     need to follow. Pub teams 
                                      venues to operate   have been retrained on new 
                                      safely which        measures when necessary. Our 
                                      have changed        health and safety audits and 
                                      depending upon      our Regional Safety Advisers 
                                      the rate of         have checked upon compliance 
                                      infection.          at site level. 
                                      -----------------  ------------------------------------------------------------- 
Movement - Increased: There is an increased responsibility for Marston's 
 to operate safely during the current pandemic. Breaches of safety are 
 taken seriously by all levels of our business. When our systems of 
 control are found to be at fault, we confront any failing honestly, 
 in order to learn and build stronger processes for the future. 
Opportunity: In a competitive marketplace there is an increased opportunity 
 to be differentiated in our guests' minds by our absolute commitment 
 to guest care, thereby building long-term trust 
 
 
4. Food safety 
Risk context       The risk           Potential impact     Mitigation 
Our guests must    Breaches of food   Increased             *    Maintaining excellent levels of compliance through 
be provided        standards          regulation                 policies, training and monitoring. 
with accurate      regulations        directly 
and reliable       attract adverse    affecting 
information        media attention    Marston's, or         *    The release of a new e-learning module on allergens 
on the food        and                our suppliers,             for completion by all pub team members. 
ingredients        high penalties.    could increase 
within our         The reliability    the complexity 
products.          of the             of the                *    Working with our supply chain to maintain robust 
It is paramount    information        information                systems for identifying constituent food ingredients. 
that we can        given to our       to be provided 
guarantee this     team members,      and the cost 
and that we        their training,    of compliance.        *    Due diligence on accepting new suppliers, monitoring 
keep their trust.  and their care                                and tracking. 
Public concern     to engage with 
over allergens     this matter is 
has grown in       key.                                     *    Tracking meal constituents all the way through to our 
recent years       Our guests' trust                             menus and the descriptions contained therein and the 
and attracts       in our high                                   accompanying allergens lists supplied to our team 
media coverage.    standards                                     members and the public. 
                   of food hygiene 
                   could be quickly 
                   eroded by                                *    Rigorous investigation of complaints. 
                   individual 
                   incidents. 
                                                            *    Tracking legislative changes and adapting operations. 
                   -----------------  -----------------  ------------------------------------------------------------- 
Pandemic impact                       Disruption to 
                                       the food supply      *    Since the first reopening of pubs we have reduced our 
                                       chain resulting           menus, with a higher focus upon the quality of our 
                                       in financial              food items. 
                                       pressure on food 
                                       suppliers to 
                                       the hospitality      *    Limiting the number of food items also supports our 
                                       industry. Wasted          suppliers' margins. 
                                       food and drink 
                                       trapped in sites 
                                       locked down.         *    Substitution of food items to avoid waste. 
                                      -----------------  ------------------------------------------------------------- 
Movement - Decreased: The decrease in the number of menu items has 
 brought greater focus upon the quality of food. Increased training 
 on allergens for our pub teams. 
Opportunity: There is an opportunity for Marston's reputation for food 
 safety and the care of our guests to grow. In 2021 we will continue 
 with the development of a new food information system to collect more 
 detail from our suppliers and enhance safety further. 
 
 
5. Financial covenants, pension fund deficit, and accounting controls 
Risk context        The risk            Potential impact     Mitigation 
The Group's         Breach of the       Loss of investor      *    Regular detailed management accounts, budgets and 
financial           covenants with      confidence, and            forecasts. 
system handles      our lenders.        reputational 
many transactions   Incorrect           damage. Breach 
accurately and      reporting           of covenants,         *    Detailed financial data collected from our sites. 
securely.           of financial        resulting in 
Accurate reporting  results.            additional 
is key to running   Unauthorised        financial             *    Financial auditing of our sites based on data 
the business        transactions.       operating                  analysis. 
effectively,        The pension         restrictions. 
and in compliance   deficit 
with our financial  will increase                             *    Constant monitoring of financial ratios. 
covenants.          while investment 
The Group's assets  yields fall. 
are valued on                                                 *    Internal and external audits. 
the basis of 
future 
profitability.                                                *    Segregation of duties. 
The pandemic 
increases 
uncertainty                                                   *    Access controls within our systems. 
and therefore 
increases the 
risk that the                                                 *    Levels of authority. 
accounting 
valuation 
diverges from                                                 *    Commitment to reduce debt. 
market valuation. 
 
                                                              *    Management of the pension's investment portfolio to 
                                                                   spread risk. 
                    ------------------  -----------------  ----------------------------------------------------------- 
Pandemic impact                         Lockdowns and 
                                        COVID-19 safety        *    Communication and good relations with our bond 
                                        restrictions                holders and financial lenders enabled agreement to 
                                        impact upon the             make appropriate covenant amendments and waivers 
                                        normal operation            where necessary. 
                                        of our pubs and 
                                        lodges. 
                                        Covenants could 
                                        be impacted by 
                                        a fall in profit. 
                                        -----------------  ----------------------------------------------------------- 
Movement - Increased: There are strong controls mitigating this risk 
 to a low level. The pandemic has however reduced our profitability 
 this year. The impact on our covenants is reduced by clear communication 
 and good long-term relationships with our lenders in order to effectively 
 explain the impact of the current trading conditions. 
Opportunity: The collection of financial data from our sites continues 
 to increase the knowledge of our guests' spend. In recent years we 
 have developed our capability to analyse this data to a depth not previously 
 possible. The use of the data improves the margins we achieve on food 
 and drink. It also means that offers to guests can be more focused, 
 and marketing campaigns can be deployed more quickly across the pub 
 estate. 
 
 
6. Market/operational 
Risk context        The risk           Potential impact     Mitigation 
Marston's revenue   Our pubs, brands   Longer-term           *    Continual assessment of guests preferences: market 
is dependent        or services fail   reduction of               and consumer insight data. 
upon being able     to attract         sales as a result 
to offer, and       guests,            of the pandemic, 
attract, our        do not reflect     or losing             *    Continual analysis of sales performance data of 
guests to an        changing           opportunities              single sites and by pub format. 
enjoyable           guest preferences  to increase 
experience, of      or offer poor      our value 
high quality        service or         proposition.          *    Pricing strategy built upon careful analysis at 
at the right        quality.           The business               sufficient detail of guests' sensitivities. 
price. It is        Equally there      will look to 
reliant upon        is a risk that     reduce costs 

attracting back     our prices         in reaction           *    Marketing, including digital marketing campaigns. 
existing guests     become             to a sustained 
and winning new     uncompetitive.     reduction in 
guests.             Failure to         sales.                *    Costs reduced in response to any sustained loss of 
Marston's competes  attract            Reduction in               sales, including menu margin analysis. 
for high calibre    or retain the      guest 
people to operate   best people        satisfaction 
our pubs. Our       negatively         levels, and           *    Investment, location and design of our pubs. 
strategic           impacting pub      re- visits to 
objectives          performance.       our pubs. 
are heavily         Trading            Increased costs       *    Continual assessment of suppliers' resilience and 
reliant             restrictions       as a result                capacity. 
upon                and the impact     of seeking 
the quality and     on consumer        alternative 
training of our     confidence         suppliers in          *    Site visits to our suppliers to assess crisis 
people.             as a result of     order to build             planning. 
Uninterrupted       COVID-19 creates   more resilience 
operations are      the risk of        within our supply 
dependent on        substantially      chain.                *    Contingency planning identifying how products or 
the continual       lower sales until                             services can be substituted. 
supply of goods     a vaccine is 
and services        widely 
often from single   deployed.                                *    Continual awareness of our people offer compared to 
sources.            Disruption to                                 our competitors through participation in appropriate 
The pandemic        key suppliers,                                networks. 
caused additional   particularly 
operating costs     those 
due to business     closely involved                         *    Improved training, induction and development 
disruption such     with our day-to-                              programmes. 
as stock            day activities 
write-offs          (logistics, food, 
and bad debts.      drink), or                               *    Surveying our employee engagement and identifying 
The operational     shortage                                      action points for teams. 
performance of      of commodities 
our joint venture   could 
with Carlsberg      significantly                           Organised transition of processes 
is materially       impact Marston's                        into the new joint venture 
significant to      operations.                             with Carlsberg. 
our total profit.   Disruption to 
                    food supplies 
                    from the EU, with 
                    or without a 
                    trade 
                    agreement. 
                    Increases in 
                    customs 
                    duties could 
                    impact 
                    our offering to 
                    guests and our 
                    cost base. 
                    -----------------  -----------------  ------------------------------------------------------------ 
Pandemic impact                        Local and 
                                       national               *    Enhanced safety controls. 
                                       lockdowns. 
                                       Compliance with 
                                       evolving               *    Campaigns and promotions. 
                                       regulation. 
                                       Guest care. 
                                       Safety of our          *    Communicating with our guests, collecting feedback, 
                                       people.                     acting upon points of improvement and keeping their 
                                       Supporting our              trust. 
                                       suppliers. 
 
                                                              *    Working with our suppliers to remove complexity. 
                                       -----------------  ------------------------------------------------------------ 
Movement - Lower likelihood: The threat from intense competition on 
 price amongst hospitality companies has receded this year. The operation 
 of our pubs could be impacted upon by further or extended trading 
 restrictions as a result of the pandemic. 
Opportunity: The reopening of the pubs rekindled guests' appreciation 
 of their local pubs. The importance of pubs to social interaction 
 with communities and individual wellbeing has been reinforced by the 
 crisis. Pubs have an opportunity to build on renewed interest. 
 
 
7. Political and economic 
Risk context       The risk           Potential impact     Mitigation 
The UK economy     High persistent    Our costs to          *    Positioning our customised offer at the right price 
could stay in      levels of          import food and            point. 
recession,         unemployment       drink could rise 
compounded         could impact       as a result of 
by UK Government   consumer spend     customs duties        *    Lobbying Government on the COVID-19 safety measures 
and the EU         in our pubs,       imposed beyond             operated within our premises. 
failing            particularly       December 2020. 
to conclude a      those with a       These costs could 
trade deal by      more premium       also rise as          *    Continual assessment of supply contracts and 
December 2020.     focus.             a result of a              renegotiation of terms when they fall due, to protect 
The failure to     The import of      lack of supply.            our business from customs duties. 
conclude a trade   goods, including   It may be harder 
agreement to       fresh food, from   to secure 
date has           the EU could       long-term             *    Where feasible, working with our key suppliers to 
increased          be disrupted.      agreements with            hold stocks in the UK of food and drink sufficient to 
business           In the event       our suppliers.             cover short- term disruption. 
uncertainty        of disruption,     Border delays 
regarding          it could be        could disrupt 
the flow of goods  difficult          our supply chain,     *    Consider alternative sources of supply if our 
and services       to source          impacting upon             suppliers have trouble importing goods. 
to and from the    alternative        the availability 
EU.                supplies of food   of food and drink 
UK Government      and drink for      brands to our 
could bring in     the same cost.     pubs. 
additional 
restrictions 
for pubs and 
lodges to 
operate. 
                   -----------------  -----------------  ------------------------------------------------------------- 
Pandemic impact                       With little or 
                                       no scientific         *    Effective deployment and management of COVID-19 
                                       data, pubs can             safety measures. 
                                       be blamed for 
                                       increased rates 
                                       of infection.         *    Lobby Government to keep pubs open. 
 
 
                                                             *    Keep the public's trust. 
                                      -----------------  ------------------------------------------------------------- 
Movement - Lower impact: Trade talks with the EU have reached a broad 
 consensus of agreement compared to the position a year ago. However, 
 significant uncertainty still exists and the scenario of both sides 
 pulling away from talks is a possibility. Irrespective of an agreement, 
 new cross border controls could still cause disruption to imports 
 from the EU for our suppliers. 
Opportunity: Measures brought in by the UK Government will ease the 
 flow of goods when they arrive in the UK during the first half of 
 2021. Government investment in the infrastructure of customs handling 
 should thereafter provide greater efficiency during the customs declaration 
 process. 
 The impact on the UK economy by the pandemic is likely to be felt 
 for a long time. The Government's preference is for lockdowns at a 
 local level rather than national, which allows the pubs to operate 
 during the periods in which restrictions are released. 
 
 
 8. Information Technology 
 Risk context         The risk             Potential impact      Mitigation 
 Our business         Threats to IT        Reduction in the       *    Anti-virus and firewall protection. 
 activity             are both external    effectiveness of 
 is reliant upon      and internal         operations, 
 the Group's IT       and could result     business               *    Access control, password protection and IT poli 
 network to           in a network         interruption          cy 
 communicate,         outage, loss,        and loss of                 adherence. 
 operate              theft or             profit. 
 effectively,         corruption           Regulatory fines 
 serve our guests,    of data or denial    as a result of the     *    Network controls and monitoring. 
 process              of service.          loss of data 
 transactions 
 and report on                                                    *    Penetration testing and remediation. 
 results. 
 The continuous 
 operation of our                                                 *    Backup procedures. 
 business is 
 dependent 
 upon the                                                         *    Data recovery plans and rehearsals. 
 uninterrupted 
 running of our 

 computer network,                                                *    Raising people awareness regarding IT security. 
 site links and 
 the internet. 
 Marston's handles                                                *    Data security policies, processes and training. 
 the personal 
 contact 
 details of many 
 of its guests 
 who opt to use 
 the wifi or 
 receive 
 emails, as well 
 as a large number 
 of our people. 
                     -------------------  -------------------  ------------------------------------------------------- 
 Pandemic impact                           An increase in 
                                           homeworking.           *    Raised people awareness regarding IT security. 
                                           An increased cyber 
                                           threat as 
                                           criminals              *    Network monitoring increased, additional VPN ca 
                                           try to take           pacity 
                                           advantage.                  provided. 
 
 
                                                                  *    Homeworking policy communicated. 
                                          -------------------  ------------------------------------------------------- 
 Movement - Slight net movement: Global cyber risk has evolved in 
  recent years, targeting the theft of personal data, launching ransomware 
  attacks and intercepting transfers of money. 
  For many years Marston's has invested in its network protection, 
  firewall and device monitoring functionality. Marston's conducts 
  penetration testing on its network, and each year specific cyber 
  risk reviews are conducted on security by an independent team. 
 Opportunity: The ability for our support teams to securely work 
  from home, if required, creates greater agility and resilience for 
  our business. 
  Our engagement with guests creates more digital marketing opportunities, 
  for which security and continuity of our network, as well as the 
  trust of our guests, is fundamental. 
 

Statement of Directors' Responsibilities in respect of the Annual Report and the Financial Statements

The Directors are responsible for preparing the Annual Report and the Group and parent Company financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and parent Company financial statements for each financial year. Under that law they are required to prepare the Group financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS as adopted by the EU) and applicable law and have elected to prepare the parent Company financial statements in accordance with UK accounting standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 parent Company and of their profit or loss for that period. In preparing each of the Group and parent Company financial

statements, the Directors are required to:

   --        select suitable accounting policies and then apply them consistently; 
   --        make judgements and estimates that are reasonable, relevant, reliable and prudent; 

-- for the Group financial statements, state whether they have been prepared in accordance with IFRS as adopted by the EU;

-- for the parent Company financial statements, state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the parent Company financial statements;

-- assess the Group and parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern;

-- and use the going concern basis of accounting unless they either intend to liquidate the Group or the parent Company or to cease operations or have no realistic alternative but to do so.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent Company's transactions and disclose with reasonable accuracy at any time the financial position of the parent Company and enable them to ensure that its financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors' Report, Directors' Remuneration Report and Corporate Governance Statement that complies with that law and those regulations. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Responsibility statement of the Directors

We confirm that to the best of our knowledge:

-- the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and

-- the Strategic Report/Directors' Report includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

We consider 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's position and performance, business model and strategy.

Disclosure of information to Auditor

The Directors who held office at the date of approval of this Directors' Report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's Auditor is unaware; and each Director has taken all the steps that they ought to have taken as a Director to make themself aware of any relevant audit information and to establish that the Company's Auditor is aware of that information.

   Ralph Findlay                                   Andrew Andrea 
   Chief Executive Officer                      Chief Financial and 

Corporate Development Officer

10 December 2020

ENDS

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December 24, 2020 07:07 ET (12:07 GMT)