Pubs operator Marston's has given its first trading update since its June rights issue. Trading has continued in much the same vein as at the time of the fund-raising.
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Overall, group turnover in the first 43 weeks of the year to the end of September was 1.9 per cent lower, which marked an improvement on the 2.8 per cent decline reported at the 26-week stage. Like-for-like sales from the managed division are 1.2 per cent ahead in the year to date. Meanwhile, up to £3m of tenant support is expected to be given to its leased estate this year to help landlords cope with tough trading.
There is no news yet on the group's plans to buy back its securitised debt with part of its £176m rights issue proceeds.
When: 9 Jul 2009
Price: 91p
