Organic growth and Charles Wells brewing acquisition boosts Marston's
Pub firm Marston's reported rises in revenue and profit this morning, thanks to its recent acquisition of Charles Wells's beer business, as well as organic growth in its own estate.
Marston's, which paid £55m for the Charles Wells brewing business and beer distribution rights in May this year, said revenue was up 10% to £992.2m for the 52 weeks to 30 September 2017.
Underlying profit before tax climbed 3% to £100.1m.
Marston's has 1,568 pubs across the country, made up of managed, franchised and leased pubs. The pub firm, which made a series of smaller acquisitions throughout the year, including a £13m deal with Whitbread to add a package of pubs to its Destination and Premium estate, as well as three Pointing Dog bars for £8m, said that average profit per pub rose 2% over the period.
Ralph Findlay, chief executive, said: "We have achieved strong revenue growth and higher earnings, despite increasing employment and property costs. Our business has been transformed in recent years with a significant improvement in the quality of both our pub and beer businesses. While political and economic uncertainty is likely to continue, we remain confident that our proposition founded on providing great customer experiences, the very best service and value for money, leaves Marston's positioned to deliver further growth in the year ahead."
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