Pub and brewing company Marston’s who owns Pitcher & Piano topped records, earning £3m on Christmas day.
The FTSE 250-listed company reported 3% like-for-like sales growth at its 400 premium managed pubs in the 16 weeks to 23 January outperformed competitor JD Wetherspoon, who blamed waning profits on increased labour costs.
Ralph Findlay, the chief executive has commented;
“This performance demonstrates the appeal of our pubs and the value for money we offer, underpinned by excellent service. In brewing, our principal brands and new beers contributed to an excellent first quarter.”
In light of Marston’s growth, analysts at Numis have upgraded their recommendation of the company to ‘buy’, saying:
“Marston’s is generating strong organic growth… the company is trading ahead of expectations,”
Shares of the company were up 5.1 percent at 158.4 pence by 0818 GMT on the London Stock Exchange.
