Good first half as Marston’s sees a hike in revenue and profit

PUBCO Marston’s has seen an increase in both underlying group revenue and profit before tax in the 26 weeks ended April 5.

The Wolverhampton company has seen underlying group revenue increase by 4.5% to £374.3m and underlying profit before tax rise by 9.4% to £29m.

Meanwhile, like-for-like sales were up by 5.7% and operating profit was up by 18.2%.

Like-for-like sales in its managed and franchised taverns arm were up 3.8% while like-for-like profits in its leased pubs business were up 3%.

In its brewing business revenue was up 3.5% and operating profit up 4%.

Marston’s says it is on target to build at least 27 new pubs this financial year while, during the period in question, some 286 smaller ‘wet-led’ pubs were sold for £116m.

Some 65 of its pubs were converted into franchise operations during the period.

Chief executive Ralph Findlay said: “The first half year was good and current trading is strong. 

“We are creating a higher quality pub estate which is delivering positive trading momentum and meets the expectations of today’s customers. 

“We opened 11 new pub-restaurants in the first half and remain on track to open at least 27 in total this year.  Our 100th new pub built since 2009 will open this summer, with 5,000 jobs having been created.
 
“We are beginning to see some evidence of consumer confidence returning in the regions, leaving us confident of making positive progress for the remainder of the year.”