Marston's sees improvement in trading; profit down on property charges

UK pub owner Marston’s has reported improvement in trading during eight weeks ended November.

Marston’s, which operates Tavern Table and Pitcher & Piano pubs, said like-for-like sales jumped 3.1 per cent during October and November as compared with an overall fall of 0.6 per cent in full financial year ended October 3.

Like-for-like sales at tenanted as well as leased pubs soared 5 per cent during the same period.

However, the pub & brewing company is cautious about future.

Speaking on the issue, Marston’s said, “There’s some degree of uncertainty about what will happen in the second half.”

Company’s pre-tax profit plunged from £76.2 million previous year to £21.4 million this year to October 3.

Charges of £37 million on property played a vital role in bringing profits down.

The company reaffirmed its plan to open as many as sixty new pubs in the coming three years.

The announcement of the latest figures pushed shares of Marston’s up by 4.5 per cent to 93.9p-a-share at the open.