Pubs giant Marston’s on Wednesday cheered sales passing the £1 billion mark for the first time, but said it would be more cautious about expansion amid “stress” battering the dining market.
Boss Ralph Findlay expects to open 10 pubs and restaurants and five hotels in the current financial year, down from 14 and seven respectively last year.
He said: “There is more political uncertainty around and there is more evidence that there is stress in the wider restaurant sector.”
Casual dining groups such as burger chain Byron, Carluccio’s and Prezzo have closed a number of sites in 2018. Firms have struggled with higher business rates and wages, and weaker consumer confidence.
Findlay said the drink-led pubs outperformed his food-led ones in the year to September 29.
The boss outlined plans to target savings of between £20 million and £30 million per year from 2020.
Full-year revenues at Marston’s, which brews Hobgoblin and Wainwright beer, increased 15% to £1.1 billion. Pre-tax profit rose 4% to £104 million.
Trading in the first seven weeks of the year has been “solid”.
The shares rose 1.52p to 100.02p.
