Marston’s celebrated strong Christmas trading yesterday, but added that a sharp increase in the national living wage and pub disposals would eat into its full-year profit. Shares of the Wolverhampton-based brewer and pub operator, which aims to cut its debt by £200 million by 2023, fell by 6¼p, or 5.4 per cent, to 111p as analysts cut their forecasts for its pre-tax profit by about 4 per cent to £96.1 million. Marston’s said that like-for-like sales in its managed and franchised pubs for the 16 weeks to January 18 had risen by 1 per cent, with growth in drinks offsetting weaker food sales. However, like-for-like sales over the Christmas fortnight rose by 4.5 per cent. Ralph Findlay, chief executive, said that trading had “remained solid…

Source: The Times January 24, 2020 17:08 UTC