26th Nov 2015 07:38
LONDON (Alliance News) - Marston's PLC on Thursday said it swung to a profit in its recently-ended financial year as revenue grew amid new pub openings and the recently-integrated Thwaites beer business, part of a three-year transformation plan.
The pub company and brewer said it made a pretax profit of GBP31.3 million in the year ended October 3, after suffering a GBP59.2 million pretax loss the year before, as revenue rose to GBP878.6 million from GBP815.3 million.
Marston's said it achieved earnings growth across all of its business segments, with revenue boosted by new openings, growth in beer brands and the acquisition of the Thwaites beer business. Profit was driven by new pub-restaurants and a strong performance by the brewing division.
Marston's said its three-year transformation plan is now largely complete. Under the plan it has reduced the size of the pub estate to a core 1,600 pubs from 2,050 before, and opened 134 new-build pub-restaurants.
Marston's will pay a final dividend of 4.5 pence, making a total dividend of 7.0p, up 4.5% on the prior year.
"At this early stage of the current year trading has begun well, and we look forward to building on this momentum over the months ahead to deliver another year of good progress for the group," Chief Executive Ralph Findlay said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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