BUSINESS LIVE: Marston’s boosted by job cuts; Travis Perkins slashes profit forecast; FirstGroup lifts expectations
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BUSINESS LIVE: Marston boosted by job cuts; Travis Perkins Cuts Earnings Forecast; FirstGroup raises expectations
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The FTSE 100 will open at 8am. Companies with reports and trading updates today include Travis Perkins, Marston’s, FirstGroup, Brickability, PageGroup, Mitie, Watkin Jones and GSK. Read the Business Live blog on Wednesday 11 October below.
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Marston has been bolstered by job cuts
Marston’s expects operating profits to improve by more than initial forecasts in 2024 after the pub operator cut costs by £5m with job losses earlier this year.
UK pub groups are struggling with high costs of raw materials, energy and labor while inflation remains stubbornly high. However, costs have started to decline in the past few months.
Wolverhampton-based Marston’s, which reported a 10.1% rise in like-for-like sales for the year to the end of December, is targeting an improvement of at least 200 basis points in operating profit margins over the next two to three years.
Of these, 50 basis points were achieved through cost reductions.
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