Marston's raises a glass to leap in profits as pub restructuring continues

Chief executive Ralph Findlay said the Midlands company had created 1,250 jobs in the year and was on course to create the same amount of jobs in 2015-2016 with another 20 new pub/restaurants being built, five of them lodges with accommodation.

Marston's reported underlying pre-tax profits up to £91.5 for its year to October 3 with group revenue also up by seven per cent to £845.5m as it opened 25 new pub/restaurants in the year taking the group estate to around 1,600 pubs.

Marston's has been selling off many of its older small pubs in the West Midlands, but Mr Findlay said that was now substantially completed with 600 sold in the last five years.

The group has dozens of pubs in Shropshire, including 21 around Shrewsbury, 18 in Telford, and four in Market Drayton.

The shake-up of its estate has seen it open new pubs such as the Fallow Field in Hadley Park, and the Two Henrys in Battlefield in Shrewsbury.

"The three year transformation of our pub portfolio towards an optimised estate is now largely complete," Mr Findlay said. "We approach 2016 with our business successfully positioned at the forefront of industry trends with high quality, well-invested pub assets which are fit for the future

"We have great people and a growing portfolio of leading beer brands where our focus on premium and local provenance continues to serve us well."

Mr Findlay said new-build, food-led pubs were its core growth driver, but Marston's had evolved a strategy to capitalise upon other opportunities for expansion where it saw attractive returns potential.

He confirmed the group's new £9 million headquarters at Chapel Ash in Wolverhampton was almost complete, and staff will move in in February.

Marston's beer business, which includes Banks's, Jennings and Ringwood, also continued to grow strongly with volumes up 15 per cent.

The breweries are continuing to innovate with Wychwood's Hobgoblin Gold selling around 20,000 barrels since its launch this year.