In its results for the 26 weeks ended 28 March 2026, the business highlighted it had completed 60 new format transformations - ahead of the initial target of 50 for the year (31 Grandstand and 29 Two Door).
This means in total 91 pubs have now been reformatted across the 2025 and 2026 financial years.
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The business stated all new formats were performing well, delivering like-for-like growth of about a fifth (20%).
The trading update also reported underlying earnings before interest, taxation, depreciation and amortisation (EBITDA) remained at £85.9m - unchanged from the first half of 2025 - which the business said reflected disciplined cost control and efficiency initiatives, offsetting the impact of accelerated investment and associated closures.
Excellent progress
Operating profit rose by 1.7% to £64.4m while profit before tax increased by 7.9% to £20.5m.
It undertook £39m worth of capital investment (compared to £31m the previous year) while refurbishment costs remained about £260,000 per pub.
The 1,300 strong business first unveiled five differentiated formats as part of its aim to be a “pure play hospitality business” in October 2024.
This included Grandstand - a sports concept, Woodie’s - a family pub format, Two Door as well as adult dining sites and locals pubs.
Marston’s CEO Justin Platt said: “We have made excellent strategic progress in the first half, delivering a strong profit underpinned by further margin expansion.”
Investment strategy
He added: “Our disciplined operating model continues to drive efficiencies across the business while enabling our hardworking local pub teams to focus on delivering great experiences for our guests every day.
“Our pub investment strategy is performing particularly well, with 60 new pub formats launched during the year, significantly ahead of our original target.
“These new format pubs are proving incredible popular with guests while delivering very attractive commercial returns.”
According to the update, the business was optimistic about the summer including the significant opportunity presented by the men’s football World Cup.
Platt said: “Looking forward we are very well positioned for the World Cup summer ahead and expect our pubs, especially our new Grandstand formats, to be in high demand.
“Against this backdrop, we are encouraged by the outlook for H2 and remain on track to deliver dull-year market expectations.”
