Marston's, the esteemed pub operator headquartered in Wolverhampton, has reported a robust performance that exceeded market expectations, buoyed by pre-Christmas bookings and signalling potential for another prosperous year.
The company announced this morning that its total revenue for the year ending 28 September, 2024, climbed to £898.6 million, marking a three per cent increase from £872.3 million in the previous 12 months, as reported by .
Pre-tax profits at Marston’s surged by an impressive 64.5 per cent, rising from £25.6 million to £42.1 million, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) saw a 13 per cent uptick.
Justin Platt, Marston’s chief executive, described the period as a "defining year" for the firm, which followed their strategic move away from brewing to "embark on a new chapter". The group, which boasts ownership of over 1,339 pubs across the º£½ÇÊÓƵ, had divested its 40 per cent share in Carlsberg Marston’s Brewing Company (CMBC) back to the Danish brewer for £206 million in July.
Platt commented on the sale's significant impact: "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."
He highlighted the positive outcomes of their focused approach and refreshed strategy, which are reflected in the strong financial results, including a 4.8 per cent rise in like-for-like sales that outpaced the market. Additionally, Marston's net debt was reduced to £883.7 million, indicating a substantial decrease of over £301.7 million.
Looking towards the festive season, the current trading period leading up to Christmas is showing promising signs, with bookings already surpassing those of the previous year.
"Community-based pubs like ours play an essential role in º£½ÇÊÓƵ society, backed by our hardworking local teams who give our guests great experiences every single day," said Platt.
