Marston's PLC (MARS.L), a local pub business, on Tuesday reported profit before tax increased despite lower revenue in the full year 2025 compared with the previous year.
For the full year 2025, profit before tax increased to 88.3 million pounds from 14.4 million pounds in the prior year.
Earnings per share were 11.1 pence versus 2.7 pence last year.
Underlying profit before tax jumped to 72.1 million pounds from 42.1 million in the same period last year.
Underlying earnings per share were 8.3 pence versus 5 pence last year.
EBITDA rose 14.2 percent to 224.9 million pounds from 197 million pounds in the prior year.
Underlying EBITDA jumped 6.5 percent to 205.1 million pounds from 192.5 million pounds in the previous year.
Operating profit increased to 179.7 million pounds from 151.7 million pounds in the prior year.
Revenue decreased 0.1 percent to 897.9 million pounds from 898.6 million pounds in the previous year.
Looking into the outlook, the company said LFL sales for the eight weeks to November 22 are in line with last year.
Christmas bookings are 11% ahead, supporting expectations for a strong festive period and Full Year 2026.
The Group plans at least 50 new pub format launches, with capex staying at 7% to 8% of revenue.
The company also said that the cost pressures remain manageable, and further margin gains are expected. Shareholder returns are planned once leverage falls below 4.0x, and the Group remains on track to meet CMD targets.
Marston's is currently trading 10% higher at 55 pence on the London Stock Exchange.
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