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Marston's posts deep underlying loss; sees early indications of demand recovery
StockMarketWire.com
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Pub owner Marston's swung to a full-year profit, thanks to proceeds from the sale of its beer assets, though it posted deep losses at the underlying level pinned on the pandemic.
Net profit for the year through March amounted to £199.3 million, compared to a year-on-year loss of £28.0 million.
Excluding the asset-sale gain, pre-tax losses amounted to £122.4 million, compared to year-on-year losses of £0.8 million. Revenue plunged to £55.1 million, down from £343.3 million.
Marston's opened 710 managed and franchised pubs on 12 April, with a further 66 pubs opened on 26 April.
It added that 145 managed and franchised pubs subsequently opened in Wales and Scotland on 26 April.
Indoor trading was permitted on 17 May, when all of its pubs reopened.
The company said it had seen early indications of strong customer demand, with like-for-like sites running at around 80% of pre-Covid
April sales, it added, were sufficient to deliver break-even earnings before interest, tax, depreciation and amortisation.
'Despite the challenges of the last year, the actions we have taken have ensured that Marston's has emerged a stronger and more focused business with a substantially strengthened balance sheet, a 40% stake in Carlsberg Marston's Brewing Company and a clear vision for the future,' outgoing chief executive Ralph Findlay said.
Story provided by StockMarketWire.com
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