Christmas cheer at Marston’s as profits rise by 10%

PUBCO Marston’s has returned a positive set of annual results with revenue and profit before tax both up.

Its preliminary results for the 52 weeks ended October 3 reveal underlying group revenue up 7% to £845.5m and underlying profit before tax up 10% to £91.5m.

The Wolverhampton company said it has seen profit growth in all trading segments despite disposals.

Its operating cashflow has increased by £34.5m to £162.3m.

During the period, Marston’s completed 25 new pub restaurants, creating 1,250 jobs.

It says the transformation of its pub estate is well advanced with the average profit per pub up to £100.000. Around 550 pubs have now been converted to franchise.

The acquisition of Thwaites is now said to be fully integrated.
 
CEO Ralph Findlay said: “The three year transformation of our pub portfolio towards an optimised estate is now largely complete. 

“We approach 2016 with our business successfully positioned at the forefront of industry trends with high quality, well-invested pub assets which are fit for the future.  We have great people and a growing portfolio of leading beer brands where our focus on premium and local provenance continues to serve us well. 
 
“Looking forward, we remain on track to open at least 20 new-build pubs this year and have in place a carefully selected site pipeline in key regional locations for 2016 and beyond.  Whilst new-build, food-led pubs remain our core growth driver, we have evolved our strategy to capitalise upon other opportunities for expansion where we see attractive returns potential.
 
“At this early stage of the current year trading has begun well and we look forward to building on this momentum over the months ahead to deliver another year of good progress for the group.”