Transformation of pub estate on track, says Marston’s

PUBCO Marston’s says its two year two year programme to transform its pub estate is on track and the average profit per pub is now up by 10%.

Announcing its preliminary results for the year to October 4, the Wolverhampton firm revealed underlying group revenue was up 1% to £787.6m.

However, underlying profit before tax is down 3.6% to £83m, reflecting disposals and a shorter trading period.

There have been 27 openings this year and the firm’s 100th new-build pub opened in Dumfries in September.

The conversion of Taverns to franchise has continued with 535 now converted.

Its Destination and Premium venues’ like-for-like sales were up 2.1%.while Taverns saw like-for-like sales increase by 2%.

Ralph Findlay, chief executive, said: “This year we have made good progress in transforming the quality of our pub estate through the continuation of our new-build development plans and the disposal of weaker pubs.

“Our Brewing business is benefiting from our category leadership in premium ale and new product development.
 
“There are some signs of modest economic improvement, with the emergence of real wage growth and resilience within the economic regions outside London.
 
“Looking forward, we will continue with our expansion strategy to invest in at least 25 new-build pubs each year. 

“We also remain on track to dispose of the residual 200 pubs targeted for sale from our Taverns estate over the next 12 months to create the desired structure for our business for the future.”

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