Marston's reports a rise in turnover and profits
Pub company Marston's has enjoyed a strong financial performance for the year despite poor weather and a weak economy.
The company saw group revenue rise 5.5% to £719.7m in the year to 29 September 2012, with underlying pre-tax profit up 9.2% to £87.8m.
Managed like-for-like sales were up 2.2%, with underlying margins up just 0.2%, while operating profits in its tenanted and franchised pubs rose 3.2%. Its brewing revenue climbed 6.8% and operating profit was up 0.6%, with group ale volumes up 2%.
The company built 25 new managed pubs, and said it was on track to build another 20-25 in 2013. Food sales were up 2.4% and now represent 44% of sales, with more than 28 million meals sold.
Chief executive Ralph Findlay said: "These results demonstrate resilience despite the weak economy and very poor weather during the summer. All areas of the business achieved increased revenue and profit in the year, demonstrating the continuing appeal of good pubs and beers.
"The economy is likely to remain weak for the foreseeable future, but we have a clear, proven strategy which is appropriate for current market conditions, and which is achieving growth."
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By Neil Gerrard
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