Marston’s PLC (LSE listed) – Financial Results

2025-11-25 · Stocks · QuoteReporter

The stocks discussed are traded on the London Stock Exchange (LSE). On November 25, 2025, Marston’s PLC announced its preliminary financial results for the 52 weeks ending September 27, 2025. The company reported a year of significant financial achievements, including profit growth and margin expansion, despite a slight decrease in total revenue.

Marston’s total revenue for the fiscal year 2025 was £897.9 million, a marginal decline of 0.1% compared to £898.6 million in 2024. This slight dip was attributed to the impact of approximately £50 million in pub disposals during the prior period. However, like-for-like sales increased by 1.6%, surpassing market expectations, with growth observed across food, drink, and gaming machines.

The company demonstrated substantial improvements in profitability. Underlying EBITDA increased by 6.5% to £205.1 million, while the statutory EBITDA rose by 14.2% to £224.9 million. The underlying EBITDA margin improved to 22.8%, up from 21.4% in the previous year, reflecting strategic cost management and operational efficiencies. Operating profit also saw an increase, with underlying figures reaching £159.9 million, an 8.6% rise from the previous year.

Marston’s reported a significant rise in profit before tax, with underlying profit before tax climbing by 71.3% to £72.1 million, and statutory profit before tax soaring by 513.2% to £88.3 million. This growth was driven by increased like-for-like sales, new format contributions, disciplined cost control, and reduced interest costs. Basic earnings per share (EPS) also saw a substantial increase, with underlying EPS rising by 63.5% to 8.5 pence and statutory EPS increasing by 303.6% to 11.3 pence.

The company made progress in free cash flow and debt reduction. Recurring free cash flow reached £53.2 million, exceeding the Capital Markets Day (CMD) target of £50 million. Capital expenditure for the year was £61.2 million, reflecting investments in new pub formats and estate upgrades. Marston’s reduced its net debt, excluding IFRS 16 lease liabilities, to £837.5 million, down 5.2% from the previous year, and improved its leverage ratio to 4.6x.

Looking ahead, Marston’s is optimistic about its future performance. The company plans to accelerate the rollout of its pub formats, with at least 50 new format launches expected in the coming year. Capex spending will remain aligned with CMD guidelines, at 7-8% of total revenue. The board is committed to reducing leverage to below 4.0x, at which point shareholder returns are expected to recommence. The company anticipates further margin improvements and remains focused on delivering long-term shareholder value through disciplined investment and deleveraging.

Overall, Marston’s PLC has demonstrated strong financial performance and strategic progress, positioning itself for continued growth and value creation in the upcoming fiscal year.

Original Announcement

Title: PRELIMINARY RESULTS
Date: 2025-11-25
Source: London Stock Exchange