Marston’s has achieved a 71.3% in profit before tax of £72.1m for the 52 weeks to 27 September 2025 – up from £42.1m for the same period in 2024.
The 1,300-strong pub company also reported a 8.6% increase in operating profit, to £159.9m, despite a 0.1% dip in total revenue for the 52 weeks to 27 September 2025, in its preliminary results.
Group revenue for the period stood at £897.9m, compared to £898.6m in 2024, while EBITDA increased by 6.5% for the period, to £205.1m.
Like-for-like (lfl) growth, contribution from the roll-out of new formats and revenue management initiatives offset the impact of around £50m worth of pub disposals in the prior period, it said.
However, LFL sales growth was down on 2024’s figure, with sales up 1.6% in the most recent 52 week period, compared to +4.8% in 2024.
LFL sales for the eight weeks to 22 November are tracking line with the prior year, with Christmas bookings strong, at 11% ahead of the same point last year, the group said.
Among the other highlights from the 52-week period was the acceleration of its digital transformation, with enhanced order & pay now live across all managed sites, driving 10%+ uplift in revenue per transaction.
The business also converted 31 pubs this year to different formats, which has delivered average revenue growth of 23% across those sites and a ROI of 30%. New concept launches included Two Door, Grandstand Locals Sport and Woodie’s family pubs, with Marston’s planning to accelerate the growth of new formats with at least 50 new launches this year.
Marston’s reported £61.4m of capital investment for the year – up from £46.2m in 2024 – including expansionary capital of £8m, which it said reflected the first year of investment into the new pub formats and wider estate upgrades. Capex spend will remain in line with CMD guidelines of 7-8% of total revenue, it said.
Net debt excluding IFRS 16 lease liabilities reduced to £837.5m (2024: £883.7m), down nearly one-third since FY2022 and underpinned by a predominantly freehold estate now, it said.
Commenting on the results, Marston’s CEO Justin Platt said: “We’ve delivered another strong year ahead of plan, executing on our strategy to be a high-margin, highly cash-generative local pub company. For the second consecutive year, we’ve delivered significant growth in profit, margin and free cash flow, underlining the strength of our market-leading pub operating model and the outstanding work of our teams.
“Guest satisfaction has reached record levels - a fantastic endorsement of the passion and dedication of our people and the quality and consistency they deliver every day. Our new pub formats are performing exceptionally well, clearly demonstrating the growth opportunity ahead and giving us real conviction to scale further.
“We enter 2026 with significant momentum and confidence in our ability to keep driving growth, while delivering great experiences for our guests and creating sustainable value for our shareholders.”
