Marston’s cheered as Brexit dominates pub chatter

Customers of Marston’s haven’t been put off by the Brexit vote, spending 11% more in its pubs and restaurants in the first six months of the year.

“Brexit doesn’t seem to matter,” said chief executive Ralph Findlay. “So long as people are talking about it in our pubs that’s fine by me. But discretionary spending remains strong and the consumer is fairly confident.”

That was evident in Marston’s first half results with pre-tax profits increasing by 11.8% at £33.1 million on sales that are up 11.5% at £429 million.

The pubco and brewer was firing on all cylinders with seven new pubs opened and Hobgoblin Gold having gone from nothing to 25,000 barrels annually (or 7.2 million pints) in the two years since it was launched.

Looking forward, Findlay said the 1000 or so pubs that are not full-blown restaurants should benefit from Euro 2016.

He said: “The 2pm kick-off [versus Wales] is particularly good and, of course, the further England go the better. But overall good summer weather is far more important to us.” Marston’s shares rose 6p, or 4%, to 156.1p. The half year dividend is up 4% to 2.6p a share.