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FTSE 250 pub landlord Marston’s (LON:MARS) has seen its share price drop by 6.23% to 114.40p (as of 14:20 BST) as it said that EBITDA for the year ended 28th September would be flat. Pub revenues were up by 3%, largely driven by an expansion programme.
CEO Ralph Findlay commented: “Our drinks businesses have performed well, achieving further growth against an exceptionally strong 2018. Wet-led pubs have led the charge continuing their positive trajectory and food pubs have achieved modest sales growth.
“Operationally, we remain focused on further improving our proposition and plan to make additional investment in both our pub teams and digital marketing in the forthcoming year.
“Our principal focus is on reducing our net debt by £200 million and creating a high quality business that is cash generative after dividends and capital expenditure. We are making encouraging progress and have decided to increase the pace of our disposal programme this year to accelerate the achievement of this target“.