Shares in Marston's went up by 0.5 per cent to £14.15 this morning, after it reported a strong performance for the year ended 4 October.
In a trading update released in advance of its preliminary results on 27 November, the pub-restaurant retailing business said like-for-like sales were up across all its estates. It added that it expects operating profit to be broadly in line with expectations.
Compared to the equivalent period ending in 2013, Destination and Premium sales were up 3.1 per cent. For Taverns, sales were 2.1 per cent ahead of the previous year, while leased like-for-like profits were estimated to be three per cent higher.
It added that 27 new pub-restaurants were completed during the 52 week period, creating 1,350 jobs. It expects to have at least 25 sites planned for completion in the 2015 financial year.
“We have made sound progress this year and expect to report underlying operating profit broadly in line with expectations,” Marathon’s said in a statement.
Ralph Findlay, chief executive, added:
We have made steady progress by consistently implementing our returns-focused strategy including an accelerated new-build programme, and in meeting our targets for disposals and conversions to franchise.We remain on track to complete the majority of this disposal and conversion activity by the end of financial year 2015, creating a pub estate appropriate to meet the needs of our customers in the long-term.