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Marston's Slips To Loss In H1; Sees Reduction In Expectations For FY20

Marston's plc (MARS.L) reported Friday that its first-half loss before tax was 33.2 million pounds, compared to last year's profit of 16.3 million pounds. Basic loss per share was 4.4 pence, compared to profit of 2.2 pence a year ago.

Underlying profit before tax was 9.4 million pounds or 1.2 pence per share, compared to 34.2 million pounds or 4.6 pence per share last year.

Total revenue was 510.5 million pounds, lower than last year's 553.1 million pounds, mainly reflecting the impact of COVID-19 on both Pubs and Bars as well as Marston's Beer Company.

The company's pre-COVID-19 revenues were in line with last year. COVID-19 had a material impact on revenues estimated at about 40 million pounds.

The company has plans for pubs to reopen from July 4, while initial revenue and earnings profile remain uncertain.

Ralph Findlay, CEO said, "Whilst there is short term uncertainty as the sector emerges from lockdown, we are focussed on offering a great guest experience, synonymous with Marston's hospitality, to welcome our customers back into our pubs within a safe trading environment."

As announced earlier, the company is unable to provide outlook, however it naturally anticipates a reduction in expectations for financial year 2020.

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