Marston's annual results release delayed
The Marston's pubs group has delayed the release of its results for its last financial year.
The figures for the year to October 2 were due to be announced on Tuesday.
The Wolverhampton-based group says it is because of a short delay in the completion of audit procedures at its associated undertaking, Carlsberg Marston’s Brewing Company, also based in the city.
It said that this was at the request of Carlsberg’s auditors who are finalising their audit documentation.
The group has been reassured that there is no disagreement between Carlsberg’s auditors and CMBC management and Marston's should be in position to announce its results within the next week. The delay finalising the CMBC audit is said to be entirely procedural and outside of Marston’s control.
There is no change to the guidance previously issued by the group in respect of 2021-2022, nor to the group’s trading update given on October 11, and Marston’s auditors have indicated there are no other significant outstanding procedures from their perspective.
Following a valuation of Marston’s pub assets, the group has also announced that the carrying value of the estate is now £2.1 billion from £2bn a year ago, as a result of the valuation undertaken in the second half of the year which saw an increase in the net book value of the estate of £93.4 million.
Marston's has a 40 per cent holding in Carlsberg Marston’s Brewing Company. The joint venture was created in 2020.