Marston’s swings to £397m loss

Marston’s, the British brewery, pub and hotel operator, has reported a loss of £397m in the 53 weeks ended 3 October 2020.

The company’s total revenue fell sharply from £1.17bn in 2019 to £821m this year, as sales were greatly reduced by the 15-week closure of pubs from the end of March.

Ralph Findlay, CEO,  recognised the “difficult year” that Marston’s and the rest of the industry had suffered.

He said: “2020 has been an extraordinarily difficult year for the pub and wider hospitality sector which has been particularly hard hit by the pandemic.

“The sector continues to face major challenges and Government support will need to continue in order for many viable businesses to survive.”

Despite the major losses in the period, the firm has now completed the Carlsberg joint venture, in which Marston’s holds a 40% stake. 

In addition, Q4 sales were almost at pre-Covid levels, with the company achieving 90% of those in the same period last year.

Findlay added: “We look forward to realising the potential of the Group’s brewing JV with Carlsberg and wish the team at CMBC every success.”