London, April 15 - Pubs and brewing group Marston's said on Wednesday it was on track to meet profit expectations for the full year after trading improved over the last eight weeks.
The company said like-for-like sales at its 500 managed pubs, which include the Pitcher & Piano chain grew by 3.1 percent over the last eight weeks, boosted by growth in sales of cask ales and the success of value-for-money offers on food.
At its 1,730 tenanted and leased pubs, Marston's said underlying profit trends were broadly in line with those reported at its annual shareholders meeting on Jan. 23.
Market expectations for full year underlying pretax profit currently range between 63 and 75 million pounds, with the consensus standing at 69 million pounds ($101.6 million), according to a Reuters Estimates poll of 15 analysts.
Shares in Marston's closed Tuesday at 156.75 pence, up 2.8 percent, valuing the business at about 425 million pounds.