MARSTON's recorded a near 11 per cent rise in sales in the first half on the back of thirsty Brits putting aside their economic worries for an evening out.

The pub group said the continued strength of drink sales demonstrated the resilience of its community pub estate in spite of the economic environment. In addition to strong drink sales, it said the gap between drinks and food sales was narrowing.

The pub operator noted that the majority of profit is typically earned in the second half and that it had invested well to benefit from the summer weather.

Marston's said like-for-like sales in the last six weeks were up 7.9 per cent compared to last year with a strong perform- ance at Easter and May bank holiday weekend.

Fixed energy and gas costs over the next few years will also help the firm manage inflationary pressures.

While Marston's said it was "mindful" of the current macroeconomic environment, it argued "there is little in our trading performance to suggest that there has been a change to consumer behaviour".

Chief executive Andrew Andrea said: "Our H1 performance clearly demonstrates that consumers remain as keen as ever to celebrate - and socialise within - the Great British Pub."

Despite the optimism, shares fell yesterday to close down over six per cent on the news the firm had taken an around £35m hit from interest swap movements recently.

(c) 2023 City A.M., source Newspaper