Underlying profit before tax is expected to be ahead of market expectations, marking a second consecutive year of significant profit growth following the 65 per cent uplift delivered in 2024.
The results show there’s been a step-change in profitability underpinned by sustained margin expansion through our market-leading pub operating model, including revenue management, labour efficiency and procurement initiatives.
Like-for-like sales for the full year grew 1.6 per cent and the company has reported that it competed 31 pub format refurbishments during the year – the 52-week period up until September 27. This was head of the pub chain’s 30-pub target and comprised 21 Two Door, five Grandstand formats and five Woodies.
The update published by Marston’s PLC today (Wednesday October 8) added that invested sites have been trading strongly, delivering average initial revenue uplifts of 23 per cent.
An accelerated capital expenditure programme is in place for 2026 to build on the strong momentum of 2025, with a significant step up in format refurbishments over the next 12 months, the company based in St John’s Square, Wolverhampton, said.
And recurring free cash flow is expected to be in excess of the Capital Markets Day target of £50 million, achieving the milestone ahead of schedule.
Justin Platt, CEO of Marston’s PLC, said: “We have delivered another year of strong profit growth and significantly improved recurring free cash flow, providing us with continued opportunity to invest in our estate, reduce debt and unlock long-term value for shareholders.
“Our market-leading pub operating model has been central to delivering strong margin uplifts, while guest experience scores have reached record levels – a testament to the passion and dedication of our teams.
“Our differentiated pub-formats are already delivering impressive results with a defined plan to accelerate this further in FY2026.
“With clear strategic priorities and disciplined execution, we enter the new year with strong momentum. Our results demonstrate we are delivering as a high-margin hospitality business, and with our formats growth engine showing great promise, we are poised to drive further financial and strategic progress.”
Marston’s will announce its full results for 2025 on November 25.