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(Sharecast News) - Pub group Marston's posted a widening of its full-year losses on Tuesday as it took a hit from Covid restrictions, but struck an upbeat note on the outlook.
In the year to 2 October, underlying pre-tax losses widened to £100m from £22m the year before, with revenue down to £423.8m from £821m. Marston's said sales were impacted by significant disruptions from the pandemic.
The company decided not to propose a dividend for 2021, given the significant disruption to trading and the potential for continuing uncertainty. However, the group said trading trends have been improving since reopening outdoors in April, with like-for-like sales since restrictions lifted in July at 102% of 2019 levels.
Trading since the year end remains encouraging, it said, with total LFL sales in its managed and franchised pubs up 1.3% relative to 2019. Marston's also said Christmas bookings were "encouraging and building in momentum".
Chief executive Andrew Andrea said: "It is extremely encouraging that trading momentum has built well since reopening and trading is now exceeding FY2019 levels. We were delighted to fully reopen our estate in July, once restrictions were lifted, and welcome our guests and team members back into our pubs.
"Whilst there are still some challenges to navigate over the months ahead, we believe the worst of the pandemic is now behind us and Marston's has emerged a stronger, more focused business which is in great shape. Importantly, consumer demand for the pub and the role which this great British institution plays, at the heart of communities up and down the country, has never been stronger."
31 Mar 2023 10:47
IN BRIEF: Marston's extends debt facility; 'back to billion' on track
Marston's PLC - Wolverhampton, England-based pub operator - Extends term of bank and private placement debt facilities to January 2025, while increasing the total available to GBP340 million from GBP320 million. Its revolving credit facility is increased to GBP300 million from GBP280 million, with all its existing banks taking part, plus two new ones. The interest rate is variable depending on underlying interest rates, plus Marston's level of leverage and drawings. The private placement facility remains the same at GBP40 million.
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