Pub group Marston's sees Christmas boom after annual profit surges 64.5% (updated)

Marstons

03/12/2024 07:30

(Adds background in paragraphs 2-3, details in 4 & 6)
       Dec 3 (Reuters) - British pub group Marston's  MARS.L 
said on Tuesday its Christmas bookings were running ahead of
last year, following a 64.5% jump in annual profit, driven by a
pick-up in food and drink sales.
    The group, which operates 1,339 predominantly sub-urban
pubs, has seen a recovery in consumer spending with subsequent
sales outperforming the broader market. 
    While the recent UK budget raised costs for employers and
businesses in the near term, British consumers have turned less
pessimistic and are showing more appetite for spending in the
run-up to Christmas, a GfK survey published in November showed.
    Marston's said that the company expected additional cost
pressures following the budget but considered them "manageable".
    The Wolverhampton-based group reported underlying pre-tax
profit of 42.1 million pounds ($53.25 million) for the year
ended Sept. 28, compared with a profit of 25.6 million pounds a
year earlier.
    Its like-for-like sales rose 4.8% during the year.    


($1 = 0.7906 pounds)

 (Reporting by Yamini Kalia in Bengaluru; Editing by Rashmi
Aich)
 ((Yamini.Kalia@thomsonreuters.com;))