Marston’s PLC (LSE:MARS) said England’s run in the Euro 2024 football tournament saved its third quarter after persistent rain had threatened a complete washout.
The FTSE 250 group, which operates 1,370 pubs, said sales rose by 5.2% in the 42 weeks to 20 July 2024, but by just 2.4% in the last sixteen of these as the rain poured.
Things would have been worse without the Euros, Marston’s added, with like-for-like sales for the week of England's semi-final and final matches rising by 8.0%.
“This has helped to lessen the impact of recent unseasonably wet weather and a particularly strong comparative period last year.”
Food sales have been particularly encouraging going forward, it added, with changes to the menu proving "increasingly popular."
Marston’s also hailed the sale of its 40% interest in brewing venture CMBC to Carlsberg for £206 million in cash, adding that net debt would fall to below £1 billion.
Debt reduction will still remain a central focus, with financing 'better suited to the new level of leverage' under consideration.
Overall, trading year-to-date is in line with market expectations, adjusting for the disposal of CMBC, added the statement.
Justin Platt, chief executive, said: "The continued positive trading momentum carried through from the first half has been encouraging.
“The disposal of our 40% stake in CMBC marks a pivotal step for Marston's, allowing us to become a pure-play hospitality business.”