Marston's reports strong Christmas sales as cost inflation eases
Marston's pubs have toasted to 'strong' sales over the festive period, despite a challenging year.
The pub chain, which owns 1,414 watering holes across the UK, saw retail sales grow by 8.8% from September 30 to January 20 compared to the same time last year. The company reported particularly good trading on key festive days like Christmas Day, Boxing Day and New Year's Eve, with sales leaping up by 9.6%.
Justin Platt, the boss of the Wolverhampton-based firm, said he was chuffed with the strong trading performance. He said: "I am pleased to report a strong trading performance with like-for-likes up 8.4% over the festive period. It has been an encouraging start to the year."
Despite facing a £20.7 million pre-tax loss in 2023 due to interest rate swap movements and charges linked to weaker property valuations, Marston's is hopeful for the year ahead. The firm, founded in 1834, also revealed plans to cut some head office jobs to save £5 million amid rising costs.
Mr Platt took the reins at Marston's last year, replacing former chief executive Andrew Andrea. Mr Platt was brimming with enthusiasm as he joined Marston's and revealed: "I am delighted to have joined Marston's and am excited about the opportunity ahead.
Shop prices 'are yet to peak and will remain high' as inflation hits new heights
"This is a great business and, whilst still early days, I've been impressed by the dedication, talent and expertise of the team. I look forward to getting to know both the team, and the business, better over the weeks and months ahead and working together to build on the trading momentum to maximise the group's future potential."
Meanwhile, Marston's shares have dipped slightly by 0.15% after the company gave its trade update on Tuesday morning.
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