Marston’s: New pub boss says high costs are cooling after festive sales lift
Pub chain Marston’s reported an eight per cent hike in sales in the four months to 20 January, as newly-appointed boss Justin Platt cheered a cooling to inflationary pressures.
In a trading update, the historic boozer founded in 1834 said that for key festive days like-for -like sales leaped 9.6 per cent, and in the two months leading up to December like-for-like sales grew over seven per cent.
Platt, who recently stepped into the role of chief executive of the 1,400 strong pub chain, also noted an “improving outlook” for the pub sector.
He said: “Inflationary headwinds are broadly abating, and the actions we are taking to operate more efficiently and rebuild margins, position Marston’s well for the year ahead.”
The former Merlin executive took up the role this month following the exit of long serving chief Andrew Andrea.
The pub operator is bouncing back after a tough few years of trading amid the pandemic.
Before Christmas, the firm posted a 9.1 per cent rise in revenues to £872.3m.
However, underlying operating profit excluding income from associates was £124.8m — up slightly from £115.4m in the same period last year.
It comes as JD Wetherspoon is also due to update markets on its performance tomorrow on its second quarter performance.
The update will be the first since outspoken boss Tim Martin was handed a knighthood.
Chain establishments have been quicker to notice cooling energy and supply costs.