Marston’s profits soar 70% to £72m in FY25

Marston’s has seen full-year pre-tax profits soar by 71% to £72.1m, up from £42.1m the prior year, as like-for-like sales growth and format roll-outs helped offset the impact of earlier pub disposals.Total revenues were broadly flat at £897.9m, while like-for-like sales increased by 1.6%, compared with 4.8% last year, with food, drink and machines all in growth. 

Underlying EBITDA margin improved to 22.8% from 21.4%, which the company attributed to its operating model and tighter cost control. Marston’s added that labour efficiency, procurement gains and energy management also contributed to the increase.

Over the year, the group recorded a Reputation score of 816, up from 800, which it said reflected sustained guest satisfaction across the estate.

Marston’s also completed 31 format conversions during the year, all delivered on time and within budget. It said the sites had received strong guest feedback, produced average revenue uplifts of 23% and achieved a return on invested capital of more than 30%.

The company noted its programme of demand-led events, including Trivial Pursuit ‘Win a Wedge’, Pub Life, Paddington in Peru and the Cool Hand Cup darts tournament all supported engagement and footfall.

Positive trading for the group has continued as sales for the eight weeks to 22 November were in line with last year, while Christmas bookings were running 11% ahead of the same point in 2024. It expects further benefit next year from planned format conversions and a full calendar of events, including the 2026 World Cup.

Marston’s also plans at least 50 new format launches in the current year, with capital spending expected to remain at 7–8% of total revenue in line with capital markets day guidance.

The company said cost pressures remained manageable given the progress of its efficiency programme, and it expects to deliver further margin gains based on current visibility. The board said it remained focused on long-term shareholder value through disciplined investment and deleveraging. 

Justin Platt, CEO of Marston’s PLC, said: “We’ve delivered another strong year ahead of plan, executing on our strategy to be a high-margin, highly cash-generative local pub company. 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.” 

He added: “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.”