Marston's on track to deliver full-year profit in line with expectations

(Sharecast News) - Marston's said in an update on Tuesday that it was on track to deliver full-year profit before tax in line with market expectations, as second-half trading momentum and strategic progress continue to build. The London-listed pub operator said that it saw like-for-like sales growth of 2.9% for the most recent 15-week period, despite a tough comparison with last year's Euro 2024 boost.

Excluding England matchdays from the prior year, sales were up 4%.

Year-to-date like-for-like sales now stood 2% higher.

The company said margin expansion initiatives remained on course, supported by improvements in revenue management, labour controls, and procurement.

Marston's also highlighted the success of its pub refurbishment programme, with 26 sites already operating under new formats - 21 as Two Door and five as Grandstand locations.

A further five Woodie's Family Pubs were expected to open by the end of July, putting the company ahead of its target of 30 format conversions for the year.

Capital expenditure was expected to total around £60m, in line with prior guidance, as the group continued to invest in its estate, digital transformation, and guest experience.

"We're excited about the momentum we're building throughout the business, with our performance enhanced by a strong pipeline of demand-driving events, continued growth from Order & Pay and our ongoing revenue management initiatives," said chief executive Justin Platt.

"We've made excellent progress against our strategic priorities so far this year, delivering improved margin performance, strong cash generation and the roll-out of our new pub formats.

"This momentum and our disciplined execution across the business gives us great confidence for the future, and we remain firmly on-track to deliver on full-year market expectations."

At 1051 BST, shares in Marston's were down 3.5% at 42.46p.

Reporting by Josh White for Sharecast.com.