- Wednesday, October 16, 2024
Marston's, the pub-operator chain, has announced a pretax loss for fiscal 2023 due to a partial reversal of net gain and property impairment. Despite this setback, the company achieved strong revenue growth.
For the year ended September 30, Marston's reported a pretax loss of £20.7 million ($26.2 million), compared to a profit of £163.4 million in the same period the previous year. However, underlying pretax profit increased from £27.7 million to £35.5 million.
The company's revenue also saw a positive trajectory, rising to £872.3 million from £799.6 million. Furthermore, like-for-like sales experienced a significant increase of 10% compared to fiscal 2022, supported by strong sales in both the drink and food categories.
As part of their strategy to reduce borrowing, Marston's announced that no dividends would be paid in fiscal 2023.
Chair William Rucker commented, "We anticipate an improving outlook in which cost headwinds are largely abating and like-for-like sales are up over 7% since the year end. We have taken this year to drive further efficiencies, leaving us confident that Marston's remains well-placed to continue to outperform and to grow revenue, margin, and profitability."
As of 0814 GMT, Marston's shares were down 0.35 pence, or 1.1%, at 30.60 pence.
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