LONDON (dpa-AFX) - Marston's Plc. (MARS.L) reported that its loss attributable to equity shareholders for the first-half of 2024 widened to 36.6 million pounds or 5.8 pence per share from 28.8 million pounds or 4.5 pence per share in the prior year.
Underlying loss per share was 0.1 pence compared to a loss of 0.5 pence in the previous year.
Statutory loss before tax widened to 43.5 million pounds from 38.1 million pounds last year. This is primarily a result of two non-cash items, these are the increase in liabilities from interest rate swaps of 25.8 million pounds, together with a one-off charge of 16.0 million pounds in respect of CMBC's ale brand impairment and onerous contract provision.
Revenue increased by 5.2% year-over-year to 428.1 million pounds and like-for-like sales for the period were up 7.3%, with strong momentum from drink and food sales. Retail sales in the Group's managed and partnership pubs rose by 5.7% to 396.6 million pounds from the prior year.
The company reiterated its previous commitment to reduce net debt excluding IFRS 16 lease liabilities to below 1 billion pounds by 2026.
The Board confirms that given its priority to reduce the overall level of borrowing and the continued macroeconomic uncertainty, no dividends will be paid in respect of financial year 2024.
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