Marston’s rings in Christmas bookings as profit jumps in ‘defining year’
Pub operator Marston’s has surpassed market expectations as pre-Christmas bookings begin to introduce hope for another bumper year of trade.
The Wolverhampton-headquartered firm told markets this morning that its total revenue for the year ending 28 September, 2024, increased to £898.6m, up three per cent from £872.3m the prior 12 months.
Pre-tax profit for Marston’s soared 64.5 per cent, from £25.6m to £42.1m, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 13 per cent.
Marston’s chief executive Justin Platt said it has been a “defining year” following its decision to ditch brewing “embark on a new chapter”.
The group, which owns more than 1,339 pubs across the UK, had sold its 40 per cent stake in Carlsberg Marston’s Brewing Company (CMBC) back to the company for £206m back in July.
Platt added: “The sale of our stake in CMBC has been transformational, enabling us to significantly reduce debt, increase our flexibility and focus on what we do best: running great local pubs.
“This single-minded focus, combined with our rejuvenated strategy, is already showing in strong financial results.”
Its 4.8 per cent jump in like-for-like sales being ahead of the market, Platt said. Its net debt also reduced to £883.7m, a total reduction of over £301.7m.
The current trading period ahead of Christmas has also been “encouraging,” with bookings already ahead of last year’s numbers.
“Community-based pubs like ours play an essential role in UK society, backed by our hardworking local teams who give our guests great experiences every single day,” Platt said.