Marston's sales growth continues, operating profits seen higher in FY24
Pub and hotel operator Marston's said on Wednesday that sales growth had remained solid in 2023, while operating profits looked set to improve during the following fiscal year.
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Marston's said total retail sales in its managed and franchised pubs were up 11.3% year-on-year in the 12 months ended 30 September and like-for-like sales were up 10.1% as both drink sales and food sales were "strong".
The London-listed group highlighted that the level of customer demand remained "encouraging", with the last five weeks providing "strong momentum" into the new financial year.
Looking forward, Marston's said the combination of its strategy and the "principally suburban location" of its pubs had positioned it well to "withstand the challenging consumer environment".
Chief executive Andrew Andrea said: "An improving outlook in which cost headwinds are abating, together with the actions we have taken this year to drive further efficiencies, leaves us confident that Marston's remains well-placed to continue to outperform in the current macroeconomic environment, grow revenue and profitability, as well as deliver improved margin in the year ahead."
As of 1200 BST, Marston's shares were down 1.77% at 28.34p.
Reporting by Iain Gilbert at Sharecast.com