Profits up for growing Marston's

Wolverhampton-based breweries and pubs group Marston's today reported underlying pre-tax profits up 10.2% to £91.5 million for its last financial year.

Group revenue was also up by 7% to £845.5m in the year to October 3 with 25 new pub restaurants, which created 1,250 jobs, completed in the year.

At least 20 new-build pubs are planned for the current year and the group estate is now around 1,600 pubs.

Chief executive Ralph Findlay said: "The three year transformation of our pub portfolio towards an optimised estate is now largely complete. We approach 2016 with our business successfully positioned at the forefront of industry trends with high quality, well-invested pub assets which are fit for the future.

"We have great people and a growing portfolio of leading beer brands where our focus on premium and local provenance continues to serve us well."

Mr Findlay said new-build, food-led pubs were its core growth driver, but Marston's had evolved a strategy to capitalise upon other opportunities for expansion where it saw attractive returns potential.

"At this early stage of the current year trading has begun well and we look forward to building on this momentum over the months ahead to deliver another year of good progress for the group," he added.

The group's statutory profit before tax was up £90.5m to £31.3m for 2014-2015 and average profit per pub was up to £100,000. It increased 15% in the last year and is up around 40% since 2012.

Marston's beer business, which includes Banks's, Jennings and Ringwood, also continued to grow strongly with volumes up 15 per cent.

The breweries are continuing to innovate with Wychwood's Hobgoblin Gold selling around 20,000 barrels since its launch this year.

Marston's, which employs around 13,500, also added Thwaites brewery during the year and it is now fully integrated into the group.