Pub group Marston’s says it continues to make “positive progress” on its key goals and initiatives.
Latest preliminary results show a nine per cent increase in revenue for the year ended 30 September 2023, to £872.3 million from £799.6 million in 2022.
Underlying pre-tax profits jumped 28 per cent from £28 million to £36 million, but, on a statutory level, profits of £163.4 million dropped to losses of £20.7 million. This figure includes a £21.6 million net loss in respect of interest rate swap movements, a partial reversal of the £109.2 million net gain reported in FY2022, and £31.2 million of charges in respect of the impairment of freehold and leasehold properties.
Like-for-like sales are up 10 per cent compared to last year.
Marston’s has its brewery in Burton upon Trent and operates an estate of 1,414 pubs nationally. It employs around 11,000 people.
The company, which has a £1 billion sales target, says Christmas bookings are ahead of last year and that ‘value for experience’ will be key to its growth.
The preliminary results report adds the “resilience of the demand to socialise remains strong” and that hybrid working favours community pubs with guests opting to stay within their local community rather than spending money to travel into a city or town centre to eat and drink.
Chair 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 seven 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.
“We look forward to welcoming Justin Platt who joins the Group as CEO in January. 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.”
- As reported by Daily Focus last month, Marston’s will have a new chief executive officer from 10 January with Justin Platt taking the place of Andrew Andrea who has stepped down with immediate effect.
