London, October 11, 2023 – Marston’s, the popular pub-operator chain, reported a strong sales performance for the fiscal year ended September 30, 2023. The company noted a 10% increase in sales on a like-for-like basis compared to the previous fiscal year, driven by robust sales in both the drink and food categories.
Steady Growth Amid Challenging Weather
Marston’s also revealed that sales in the last 10 weeks leading up to September 30 had risen by 7.7% compared to the same period the previous year. The company attributed this growth to the persistently rainy weather experienced during the summer months of July and August.
Furthermore, the last five weeks of the fiscal year saw sales surge by 12%, fueling strong momentum for the new financial year.
Positive Outlook and Enhanced Profitability
Chief Executive Andrew Andrea expressed optimism about the company’s outlook for the future. He stated that Marston’s is well-positioned to outperform in the current macroeconomic environment and expects revenue and profitability to continue growing.
A thorough review of the business structure conducted over the summer resulted in cost-saving measures, specifically a reduction in head-office headcount costs by approximately £5 million ($6.1 million). As a result, the company now anticipates higher operating profitability than previously forecasted.
Focusing on Efficiency and Profit Margin Improvement
Marston’s emphasized its commitment to continually enhancing efficiencies across the business. The company has set a target of achieving at least a 200 basis point improvement in operating profit margins over the next two to three years.
Positive Market Reaction
Shares of Marston’s showed an increase of 0.9%, rising by 0.25 pence to reach 29.1 pence at 08:02 GMT.