(Alliance News) -Â Marston's PLC on Wednesday reported a widened interim loss as its pubs were shuttered for the bulk of the period due to Covid-19 restrictions.
Revenue for the half-year to April 3 tumbled to GBP55.1 million from GBP343.3 million a year before, leading to a widened pretax loss of GBP105.5 million from GBP31.1 million.
The half, which started on October 4, included disrupted trading to the end of December followed by a period of closure to April due to Covid-19 restrictions.
Since the end of the half-year period, restrictions on trading have been eased in stages. In England, it opened over 700 of its pubs for outdoor trading on April 12 and in Scotland and Wales a further 145 pubs were opened for trading on April 26. On May 17, pubs were allowed to trade indoors again and all its pubs are now open.
Since reopening on April 12, sales levels were at 77% of pre-pandemic levels, which the firm deemed encouraging given the absence of indoor trading. Wet sales were stronger than food, as anticipated, it added.
"We eagerly await pubs being able to reopen in England on 21 June without trading restrictions as set out by the prime minister as part of the 'roadmap' for England, and we still await clarity on the position in Wales and Scotland. Our portfolio of over 1,500 pubs, and the teams which service them, are well primed to welcome guests back," said Marston's.
It proposed no interim dividend for the period, with nothing paid out a year ago.
The company said: "The board believes that given the significant disruption to trading in the current financial year and continuing uncertainty it will be prudent to plan for no dividends to be paid in respect of financial year 2021. Dividends have been an important component of returns to shareholders over many years and we will naturally look to resume dividend payments when there is sufficient certainty about the outlook."
Shares in Marston's were down 3.4% at 92.10 pence in London on Wednesday.
By Lucy Heming;Â lucyheming@alliancenews.com
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Marstons (MARS)