London · Delayed Price · Currency is GBP · Price in GBX Marston's Earnings Call Transcripts
Fiscal Year 2026
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Profit before tax rose nearly 8% year-on-year in H1 FY2026, with margin expansion and strong returns from new pub formats. Despite a 1.1% revenue dip due to refurbishments, outlook remains positive with accelerated format rollout and robust cash flow guidance for the year.
Fiscal Year 2025
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Profit before tax rose 71% to £72 million, with recurring free cash flow at £53 million and EBITDA margin up 140 bps to 22.8%. New pub formats drove 23% revenue uplifts, and net debt/EBITDA fell to 4.6x. Outlook for FY2026 remains positive, with further margin and cash flow gains expected.
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Like-for-like revenue grew 2.9% year-to-date, with EBITDA up 14% and margin improving to 20.1%. Strategic investments in new pub formats and digital initiatives are driving strong guest satisfaction and operational efficiency. Full-year outlook remains confident, with margin and cash flow targets on track.
Fiscal Year 2024
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2024 saw strong revenue and margin growth, driven by a focused strategy and operational improvements. Debt was significantly reduced, free cash flow increased, and the business is well-positioned for further growth in a robust UK pub market.