Marston's F-plan delivers 14.7% rise in pre-tax profits
Pub company and brewer Marston's has reported a 14.7% rise in pre-tax profits, thanks to its new "F-plan" growth strategy.
Underlying profit before tax rose to £33.5m in the six months to 31 March 2012, from £29.2m for the same period last year.
The firm said its F-plan strategy, which focuses on food, families, females and forty/fifty-somethings, was responsible for driving its growth this year, including an 11% rise in the number of main meals served, as well as an 8% increase in children's meals.
Marston's managed pubs division, which is run directly by the company with greater pricing freedom, saw like-for-like sales in the 32 weeks to 12 May 2012 rise 2.4%.
Profit at its tenanted and franchised businesses is estimated to have grown by around 3% in the same period. The company indicated its intention to convert around 600 of its tenanted pubs to its franchise agreement, which it introduced in 2009. So far, 419 pubs have undergone the conversion process.
The company, which employs 12,000 people and operates around 2,150 pubs across England and Wales, saw group revenue rise 7.6% to £342m, up from £318m in 2011.
Marston's said it was on target to open 25 new-build pub-restaurants this financial year, with plans to build 20-25 sites each year thereafter.
Chief executive Ralph Findlay said: "We have delivered a good performance in the first half-year against a weak consumer backdrop.
"Our growth in revenue and earnings was underpinned by our strategic focus on delivering value, high service standards and a quality offering to our consumers and customers."
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By Janie Manzoori-Stamford
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