18th May 2022 12:00
(Alliance News) - Marston's PLC on Wednesday said it returned to more normalised trading despite Covid-19 disruption in the 26 weeks to April 2, allowing the company to swing to an interim profit.
The London-based pub chain operator reported a pretax profit of GBP25.6 million in its first half, swinging sharply from a loss of GBP105.5 million the previous year.
Revenue surged to GBP369.7 million from GBP55.1 million. Like-for-like sales stood at 97% of 2019 levels despite restrictions over the Christmas trading period.
Current trading is in line with expectations and stable, with like-for-like sales in the last six weeks slightly higher relative to the same period in 2019.
"Whilst mindful of the challenges which every hospitality business currently faces, trading remains stable, and we look forward to an uninterrupted summer. We are navigating our way through cost increases, mitigating these as much as we can through cost efficiencies and pricing strategies," said Chief Executive Andrew Andrea.
Shares in Marston's were down 4.4% at 59.72 pence on Wednesday in London.
By Heather Rydings; [email protected]
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