Profit before tax at Marston’s has increased by 64.5% year-on-year to £42.1m in the year to 28 September, after the firm sold its remaining non-core brewing assets in July.

The local pub business, which boasts an estate of 1,339 pubs in the UK, saw its total revenue increase by 3% in the same period to £898.6m, while its EBITDA jumped by 13% to £192.5m.

It also added that its pub operating profit increased by 17.9% to £147.2m.

The figures come after the firm sold its remaining non-core brewing assets earlier this year, while selling its 40% interest in Carlsberg Marston’s Brewing Company (CMBC) for £206m in July to create a "business entirely focused on pubs".

Chief executive officer at Marston’s, Justin Platt, said: "[This year] has been a defining year for Marston's as we began an exciting new chapter as a leading pure-play hospitality business. The sale of our stake in CMBC has been transformational, enabling us to significantly reduce debt, increase our flexibility and focus on what we do best: running great local pubs.

"This single-minded focus, combined with our rejuvenated strategy, is already showing in strong financial results. We've delivered like-for-like sales growth ahead of the market, significant margin improvements and robust cash flow, while current trading is encouraging with Christmas bookings already ahead of last year."

Looking ahead, Marston’s said that it is witnessing "positive current trading with continued momentum".

It added that like-for-like sales in the first six weeks of the current financial year grew by 3.9%, with Marston’s stating that this demonstrates "continued growth ahead of the market".

Despite these positive results, the firm has said that the Government’s recent Autumn Budget has put "some additional pressure on costs".

However, it added that the overall package of measures announced are "considered manageable" in the context of the group’s targets, stating that it remains "very confident in its outlook", with revenue set to grow ahead of the market.

Investment director at AJ Bell, Russ Mould, concluded: "The first set of numbers since Marston’s completed the sale of its brewing business offer an early endorsement of its pubs-only strategy.

"The sale of the brewing assets has helped bring down borrowings and a refinancing of its remaining liabilities could provide the group with greater flexibility. Marston’s notes an impact from the changes in the Budget to employers’ National Insurance contributions and the living wage but seems to feel these are manageable.

"All-in-all, shareholders are likely to be raising a glass to CEO Justin Platt as he approaches the end of his first year in charge, with the shares up more than a quarter year-to-date despite a challenging market environment."

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