QuickView: Programme completed, more to come
Marston's preliminary results mark the successful completion of its three-year transformation programme. This included a comprehensive reorganisation of the pub estate with a 25% overall reduction and a 37% increase in average profit per pub to £100k. But progress is far from over. The company is in a stable state, and able and willing to operate the levers of future growth. The steady improvement in return on capital may not be the most dramatic number compared with the double-digit earnings growth in these results, but holds the key to the assurance investors can place in the prospect of continued income growth.Marston's is engaged in operating pubs and brewing beer. Co. has five operating segments: destination and premium, which includes food-led managed pubs, bars and restaurants, as well as its accommodation business; taverns, which includes community pub estate of smaller managed, franchised and tenanted pubs; leased, which includes independently-run pubs; brewing, which includes Co.'s breweries producing a portfolio of cask, keg and packaged beers; and group services, which provides a range of functional services that support and connect its businesses, including IT, HR, finance, retail systems, company secretariat, legal risk and compliance.
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