Marston’s (LSE:MARS) reported resilient interim results for the 26 weeks ended 28 March 2026, delivering improved profitability and stronger margins despite a slight decline in revenue.
Group revenue fell 1.1% to £422.7 million during the period, while underlying EBITDA remained stable at £85.9 million. The pub operator said tighter cost management and improved labour efficiency helped offset softer sales and supported margin expansion across the business.
Underlying profit before tax increased 7.9% to £20.5 million, while leverage improved modestly to 4.7 times. Net asset value per share also rose by almost 20% year-on-year, reflecting continued progress in strengthening the balance sheet and improving overall financial performance.
A key part of the company’s growth strategy has been the rollout of refreshed pub concepts and upgraded venue formats. Marston’s completed 60 refurbishments during the first half, bringing the total number of completed projects since FY2025 to 91.
Management said the refurbished sites have generated average returns on invested capital of around 35% and delivered like-for-like sales growth close to 20%, supporting plans for further expansion of the programme.
The group is increasing capital investment and continuing to develop digital initiatives such as its Order & Pay platform. Management also said the estate is well positioned for the important summer trading period, including expected demand linked to the World Cup, while signalling confidence in achieving full-year expectations and exploring a broader rollout of new pub formats from FY2027 onward.
The company’s outlook continues to improve as profitability, cash flow and deleveraging trends strengthen. Valuation metrics remain supportive due to a relatively low price-to-earnings ratio, although mixed technical indicators and weaker short-term share price momentum continue to weigh slightly on sentiment.
More about Marston’s PLC
Marston’s is a major UK hospitality group operating more than 1,300 pubs across managed, franchised and tenanted formats. The company focuses on community-led venues and has increasingly invested in differentiated pub concepts, digital ordering systems and customer experience initiatives to support long-term growth and operational efficiency.
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