Poor summer weather, flood repair costs and increasing interest rates caused profits to drop at pub group Marston’s. The Times. Financial Times

Yesterday’s full-year trading update showed a 3%-4% cut in pretax profit forecasts.

The flooding in the summer that led to the closure of 150 pubs of a total estate of 2,272 in June and July cost the group about £2m. All but five of those pubs are open again.

Ralph Findlay, chief executive, said Marston’s was insured for most of the damage but added that extra cost of repairs would reach £2m.