Pub giant Marston’s reports rise in revenues amid “promising” Christmas bookings
Pub giant Marston’s has said that Christmas bookings look positive with bosses saying the business is "in good shape" as the company revealed another rise in sales.
The Wolverhampton-based business, which owns more than 1,400 pubs across the UK, told shareholders that revenues rose 9.1% to £872.3 million over the year to September 30.
There was an 8 per cent increase in underlying pub operating profit – £124.8 million compared to £115.4 million in FY2022.
Figures also showed a £20.7 million pre-tax loss for the year, impacted by interest rate swap movements and charges linked to weaker property valuations.
Marston’s said positive trading momentum from the previous financial year has continued in recent months, with like-for-like sales up 7.4% since September 30 and up 10.1% overall on last year
Chairman William Rucker said: "We have continued to make positive progress on our key goals and strategic initiatives.
"The consumer has remained resilient despite the macro backdrop and Marston's continues to trade well, achieving market outperformance.
"We anticipate an improving outlook in which cost headwinds are largely abating and like-for-like sales are up over 7 per cent since the year end.
"This, together with the actions we have taken this year to drive further efficiencies, leave us confident that Marston's remains well-placed to continue to outperform and to grow revenue, margin and profitability."
The Group recently announced that Andrew Andrea had agreed he would step down as Chief Executive Officer.
Justin Platt has been appointed to the role with effect from January10, 2024.
"We look forward to welcoming Justin," said Mr Rucker. "The business is in good shape and well-positioned to take advantage of the future opportunities open to us to create value for our shareholders under his stewardship."