Investors cheered by pub group’s strong performance

Investors pushed the share price of Wolverhampton brewer Marston’s up 8% in one of its best single-day performances in years.

The group, which owns 1,568 pubs, had cheered the market with its upbeat results, with sales hitting £1bn and pre-tax profits passing £100m.

This was achieved despite rising costs and weaker consumer confidence.

Shares were up 11% in intra-day trading before closing at 115p.

AJ Bell Investment Director Russ Mould said: “The acquisition of the Charles Wells Beer Business, the contribution from new openings and acquisitions and positive like-for-like sales in its pubs contributed to a 9.5% rise in underlying revenue.

“The start of its new financial year is going to plan with pub like-for-like sales up on the back of a growth in beer volumes.”

The gains reversed losses over the last three months, but is still some way short of its year-high in May of 147p.