Marston’s back in profit as it reveals £1bn turnover target
Wolverhampton pubco Marston’s has powered back into profit for the 12 months to October 1.
The conmpany, which runs almost 1,500 pubs across the UK, made a profit before tax of £163.4m against a loss of £171.1m in 2021 – when Covid lockdowns severely disrupted the hospitality sector.
Meanwhile, Marston’s says that full-year sales are back to 99% of pre-pandemic levels despite the disrupted Christmas 2021 trading environment, when the UK was last plunged into lockdown. Revenue came in at £799.6m for the full 12 months, and the company has revealed plans to return to the day of £1bn annual turnover by 2026.
Andrew Andrea, CEO said: “Demand for our predominantly community-based pubs continues to be encouraging despite ongoing macro uncertainty and our estate is well-placed to benefit from changing patterns in consumer behaviour. We are managing cost inflation well and remain confident that our commitment to continue to reduce the Group’s debt and return sales to back to £1 billion will drive NAV and shareholder value.
“Current trading to the end of November has been positive with encouraging levels of Christmas bookings as we look forward to the first restriction free festive period in three years. Additionally, the World Cup has benefited trading, delivering like for like drink sales of around 50%-plus for the home team games. Whilst uncertainty remains, Marston’s remains well-financed and in great shape to weather the challenges ahead with the right formula, the right strategy and the right team to continue to make progress and deliver shareholder value.”