19 May 2021 | 07:53am
StockMarketWire.com - 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.
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While pub operator Marston’s has revealed a £105.5m pre-tax loss in the 26 weeks to 3 April, the firm cites post-lockdown sales hitting 80% of pre-pandemic levels as cause for optimism.
According to its most recent interim results statement for the 26 weeks to 3 April, the Wolverhampton-based operator of 1,500 pubs revealed a total pre-tax loss of £105.5m – versus £31.1m recorded during the equivalent period in the previous financial year.
On top of this, Marston’s revealed that its total revenue fell from £343.3m during the first half of the previous financial year, to £55.1m during the most recent half-year.
However, the firm posted a net profit of £199.3m – compared to a £28m loss made during the equivalent period during the previous financial year – due to £291m made from the its disposal of brewing business into the Carlsberg Marston’s Brewing Company joint venture.
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