The Marston's Opportunity
- Suburban dominated locations
- Flexible estate to evolve at pace
- Pubs with scope for multi-occasions
- Expertise in running local pubs
Investment Case
An investment case for a reliable growth company
Marston’s is growing and evolving, powered by a clear purpose: Shared Good Times. It’s what unites our people, creates lasting memories for our customers, and delivers real value for our shareholders.
This is underpinned by a strong investment case, with powerful value drivers for growth, key points of differentiation to ensure Marston’s wins in a growing market, and clear and consistent metrics to track our success.
With strong momentum and a proven approach, we’re investing and innovating to help our pubs, our people and our business thrive.
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Powerful Value Drivers for Growth
Powerful Value Drivers for Growth
Our investment case is based on our five key value drivers:
- 1 Execute a market-leading pub operating model
- 2 Capex to create differentiated pub formats
- 3 Digital transformation
- 4 Expansion of Managed & Partnership models
- 5 Leveraging Marston's synergies in targeted aquisitions
Differentiated to win in a growing market
Clear and consistent metrics to track success
Contributing to the transfer of value to shareholders as a result of growth in enterprise value, plus paying down debt
Near to medium-term targets:
LFL
Revenue growth ahead of the market
200 bps
Sustained EBITDA margin expansion
200 - 300 bps
> 30%
Incremental returns on investment Capex
£50m
Of recurring free cash flow generation
Shared Success
Financial Highlights FY2024
Total revenue
£898.6m
2023: £872.3m
Underlying total earnings/ (loss) per share
5.2p
2023: 3.5p
Underlying EBITDA
£192.5m
2023: £170.3m
Profit/ (loss) before tax
£14.4m
2023: £(30.6)m
Total earnings/ (loss) per share
2.8p
2023: (3.0)p
Underlying profit/ (loss) before tax
£42.1m
2023: £25.6m
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