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.
Marston's says trading remains in line with company expectations, and it will release interim results on May 16. Making progress on its 'back to a billion' strategy. Marston's revenue in financial 2022 was GBP799.6 million, doubled from GBP401.5 million in financial 2021. Before the Covid-19 pandemic, in financial 2019, Marston's booked GBP1.17 billion in revenue.
Current stock price: 36.68 pence, up 3.0% on Friday in London
12-month change: down 55%
By Tom Waite, Alliance News editor
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Marstons (MARS)