Pub and brewery operator Marston’s has reported growth across the first half of the year – with CEO Ralph Findlay saying food-led venues were “once again achieving increasing momentum”.
The firm recorded pre-tax profits of £37m, rising 2% year-on-year for the 26-week interim period ending 30 March 2019. Revenues also picked up, rising by 5% to £553.1m.
Like-for-like sales at managed and franchised sites grew by 2.2% over the period as a whole, rising to 3.2% in the last ten weeks of the period. The average profit per pub stood at 1%.
Welcoming the results, Marston’s CEO Ralph Findlay said it was encouraging to see “food-led pubs once again achieving increasing momentum in profitable like-for-like sales growth. It comes after a strong year for wet led operations in 2018 following the long hot summer and the English football team’s progression in the World Cup.
He added: “We remain focussed on our strategic objectives and good progress has been made with our stated aim to improve cash generation and reduce the group’s leverage. Whilst the backdrop of ongoing uncertainty around Brexit continues to be challenging, opportunities for growth remain and we are confident of delivering another year of profitable growth for our shareholders.”