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.
12 May 2021 | 09:54am
StockMarketWire.com - Pub group Marston s said it had appointed Andrew Andrea as its chief executive officer.
Andrew was currently the company s chief financial officer and would step into the new role on 3 October.
The move followed Ralph Findlay s decision announced earlier this year to stand down at the end of the company s current financial year.
Andrea had been on the company s board since 2009.
At 9:54am: [LON:MARS] Marstons PLC share price was 0p at 64.35p
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During the 13-week period, trading was materially disrupted due to Covid-19 related trading restrictions imposed across England, Scotland and Wales. Total pub revenues for the quarter were £54 million. Following the imposition of lockdowns across the UK in recent days, all our pubs are closed. We do not have certainty about the timing of reopening, but in view of comments from the Prime Minister about the potential for lifting restrictions as the vaccination programme progresses we anticipate that pubs will be closed for trading until March at the earliest, and expect some of the previous restrictions to remain on reopening. Despite this disruption, we remain focused on the strategic development of the business.