The Wolverhampton-based pubco reported underlying profit before tax rose from £42.1m in 2024 to £72.1m (71.3%) for the 52 weeks ended 27 September 2025, marking the second year of growth.
Underlying Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) stood at 22.8% (2024: 21.4%), while operating profit rose 8.6% to £159.9m, despite a 0.1% dip in total revenue, down from £898.6m in 2024 to £897.9m, for the period.
Like-for-like sales were up 1.6% in the recent 52-week period, compared to 4.8% in 2024. Food, drink and machines sales were all in growth.
Improved efficiency
Year-on-year growth, format roll-out and revenue management initiatives had offset the impact of £50m of pub disposals in the prior period, the pubco added.
During the 52-week period, Marston’s invested £61.2m into its estate, up from £46.2m last year. This included £8m into new pub formats, such as recently launched family pub concept Woody’s, and wider estate upgrades.
Marston’s, which has a portfolio of more than 1,300 pubs, completed 31 format conversions in total during FY25, resulting in average revenue uplifts of 23% and return on invested capital of 30%.
Investments into ‘order & pay’ platforms also resulted in a 10% rise in spend per guest and improved operational efficiency. Guest satisfaction levels also increased during this time.
Looking ahead, the pubco said like-for-like sales for the 8 weeks to 22 November were tracking in line with the previous year, with Christmas bookings already 11% ahead of last year despite ongoing cost pressures.
Significant growth
Commenting on the results, CEO Justin Platt said: “For the second consecutive year, we’ve delivered significant growth in profit, margin and free cash flow, underlining the strength of our market-leading pub operating model and the outstanding work of our teams.
“Guest satisfaction has reached record levels – a fantastic endorsement of the passion and dedication of our people and the quality and consistency they deliver every day.
“Our new pub formats are performing exceptionally well, clearly demonstrating the growth opportunity ahead and giving us real conviction to scale further.
“We enter 2026 with significant momentum and confidence in our ability to keep driving growth, while delivering great experiences for our guests and creating sustainable value for our shareholders.”
