The pubco that has a 1,300-strong pub estate has given a trading update for the 52-week period to 27 September 2025.
The Wolverhampton-based business said underlying profit before tax is predicted to be ahead of market expectations – at £67.2m (with a range between £64.6m and £69.2m) – marking a second consecutive year of significant profit growth following the 65% uplift delivered in its 2024 financial year.
It put the rise down to 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”.
Its underlying earnings before interest, taxation, depreciation and amortisation (EBITDA) margins are expected to increase by more than 100 basis points year-on-year as the business delivers on the financial targets outlined in October 2024.
Invested sites’ revenue up
Like-for-like sales for the full year grew 1.6%, with growth continuing to outpace the total market, according to the CGA RSM Hospitality Business Tracker.
It has completed 31 pub format refurbishments within the 2025 financial year, which comprised 21 Two Door, five Grandstand and five Woodies models while invested sites are “trading strongly, delivering average initial revenue uplifts of 23%”.
The business has put an accelerated capex programme in place for its 2026 financial year “to build on this strong momentum” with a vow to significantly step up its format refurbishments during the next 12 months.
Recurring free cash flow expected to be in excess of the Capital Markets Day (which took place in October last year) target of £50m, achieving this milestone ahead of schedule.
Marston’s CEO Justin Platt 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.
Record levels for guest experience
“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 has also appointed Panmure Liberum as a joint corporate broker, which is intended to further enhance the group’s engagement with institutional investors, broadening Marston’s investor base as it advances its strategic programme over the coming years.
Currently, participating Marston’s pubs will be celebrating Oktoberfest with an authentic German-inspired experience.
