Share buy-back sees profits slip at Marston's

May 24, 2008: Profits before tax at Marston's slipped 15.9% to £35 million in the 26 weeks to March 29, reflecting a £150 million share buy back during 2007.

The operating profit was up 5.4% to £72.6 million.

"Our first half-year performance included turnover growth of 3.6%, underlying profit before interest and taxation 1.8% ahead of last year despite significant cost increases, and underlying earnings per share unchanged at 10 pence per share," said chief executive Ralph Findlay, commenting on the figures.

"Investment through both organic development and acquisitions continues to generate good returns, reinforcing the strong operating cashflow of the business.

"Although trading conditions have been difficult for the industry, our performance has been resilient. Our integrated business model provides us with operational flexibility and a wider range of investment opportunities, and has enabled us to offset significant increases in the cost of food, labour and brewing raw materials."