PUB CHAIN Marston's said revenues grew during the preliminary year, but operating margins lay flat, as it dealt with the hangover of high inflation.

The dining and drinks operator, which has over 1,400 sites across the UK, posted a 9.1 per cent rise in revenues to £872.3m.

But Marston's still fell to a £20.7m pre-tax loss for the year after it was impacted by interest rate swap movements and charges linked to weaker property valuations.

However, underlying operating profit excluding income from associates was £124.8m — up slightly from £115.4m in the same period last year.

The company said it is steaming ahead with plans to get borrowings below £1bn by 2026, which will see the firm dispose of non-core assets, such as pubs.

Marston's had a positive outlook for the year ahead with sales up 7.4 per cent compared to last year as the start of festive season begins Marstson's has also been bolstered by a rise in Christmas booking as corporate parties return to normality following disruptions from the pandemic over the past few years.

(c) 2023 City A.M., source Newspaper