Business
RESULTS FOR THE 26 WEEKS ENDED 29 MARCH 2025
RESULTS FOR THE 26 WEEKS ENDED 29 MARCH 2025.
About this update from Marston's Plc
[{"type":"text","content":"\n\n\n13 May 2025\nMARSTON'S PLC\n(\"Marston's\" or \"the Group\")\nINTERIM RESULTS FOR THE 26 WEEKS ENDED 29 MARCH 2025\nSTRONG PROFIT GROWTH, SIGNIFICANT STRATEGIC PROGRESS, CONFIDENT IN\nFULL-YEAR OUTLOOK\nMarston's, a leading local pub business with an estate of 1,333 pubs across the UK, today announces its Interim Results for the 26 weeks ended 29 March 2025. The period under review commenced on 29 September 2024.\n \n\n\n\n\n\n\n\n\nUnderlying\n\n\nStatutory / Total\n\n\n\n\n\n\n\nH1 2025\n\n\nH1 2024\n\n\nChange\n\n\nH1 2025\n\n\nH1 2024\n\n\nChange\n\n\n\n\nTotal revenue (£m)\n\n\n427.4\n\n\n428.1\n\n\n(0.2)%\n\n\n427.4\n\n\n428.1\n\n\n(0.2)%\n\n\n\n\nEBITDA1 (£m)\n\n\n85.9\n\n\n75.5\n\n\n13.8%\n\n\n-\n\n\n-\n\n\n-\n\n\n\n\nPub operating profit (£m)\n\n\n63.3\n\n\n52.7\n\n\n20.1%\n\n\n61.3\n\n\n51.8\n\n\n18.3%\n\n\n\n\nProfit before tax1 (£m)\n\n\n19.0\n\n\n(0.2)\n\n\n£19.2m\n\n\n19.5\n\n\n(26.9)\n\n\n£46.4m\n\n\n\n\nEarnings per share1 (pence)\n\n\n2.2\n\n\n0.0\n\n\n2.2p\n\n\n2.3\n\n\n(3.2)\n\n\n5.5p\n\n\n\n\nNAV per share (£)\n\n\n-\n\n\n-\n\n\n-\n\n\n1.07\n\n\n0.95\n\n\n12.6%\n\n\n\n\nEBITDA margin1 (%)\n\n\n20.1\n\n\n17.6\n\n\n250bps\n\n\n-\n\n\n-\n\n\n-\n\n\n\n\nUnderlying operating margin1 (%)\n\n\n14.8\n\n\n12.3\n\n\n250bps\n\n\n-\n\n\n-\n\n\n-\n\n\n\n\nCapex (£m)\n\n\n-\n\n\n-\n\n\n-\n\n\n31.0\n\n\n21.7\n\n\n42.9%\n\n\n\n\nRecurring free cash flow (£m)\n\n\n-\n\n\n-\n\n\n-\n\n\n5.9\n\n\n7.1\n\n\n(16.9)%\n\n\n\n\nNet debt excluding IFRS 16 (£m)\n\n\n-\n\n\n-\n\n\n-\n\n\n881.1\n\n\n1,160.9\n\n\n(24.1)%\n\n\n\n\n \n 1 - Results from continuing operations.\n \nStrong performance underpins confidence in full-year outlook\n• Like-for-like (LFL) sales were up 2.9% in the 31 weeks to 3 May, with strong growth of 10.5% in the 5 weeks since the period end. In H1 2025, LFL sales grew by 1.3% reflecting timing of Easter & Mothers Day which fell in H1 in 2024 and in H2 2025\n• Total revenue stable at £427.4 million (H1 2024: £428.1 million) despite c.£50 million of disposals in FY2024, demonstrating the strength of the core estate\n• Underlying pub operating profit increased by 20.1% to £63.3 million (H1 2024: £52.7 million), underpinned by strong operational delivery and strategic cost-saving measures\n• EBITDA margin1 expanded by...