Marston’s PLC on Tuesday said Christmas bookings were ahead of last year amid high levels of reservations, as it highlighted confidence in its outlook despite some pressure costs from the UK budget.
The Wolverhampton, England-based pub operator said revenue improved 3.0% to £898.6 million in the financial year ended September 28, from £872.3 million a year prior, helping to push it to a pretax profit of £14.4 million from a loss of £30.6 million.
It added it is ‘very confident’ about its outlook but noted October’s autumn budget in the UK ‘puts some additional pressure on costs’.
‘Christmas bookings are tracking ahead of last year, with many venues securing high levels of reservations,’ Marston’s said.
Like-for-like sales in the first six weeks of the new financial year grew by 3.9%.
The company said that while it will not pay dividends for financial 2024, it recognised its importance to shareholders and intended to keep potential future dividend payments under review.
Chief Executive Officer Justin Platt said: ‘We’ve delivered like-for-like sales growth ahead of the market, significant margin improvements and robust cash flow, while current trading is encouraging with Christmas bookings already ahead of last year. Community-based pubs like ours play an essential role in UK society, backed by our hard-working local teams who give our guests great experiences every single day. All this gives Marston’s a superb foundation for sustainable, long-term growth, and fills us with confidence for 2025 and beyond.’
Marston’s shares rose 7.6% to 43.32 pence each on Tuesday morning in London.
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