LONDON (dpa-AFX) - Pubs operator Marston's Plc. (MARS.L) Thursday reported a pre-tax loss of 59.2 million pounds for the year, compared to profit before tax of 67.5 million pounds last year. Prior-year results have been restated.
Loss per share was 8.9 pence, compared to earnings per share of 9.9 pence last year.
Underlying profit before tax was 83.0 million pounds, compared to 86.1 million pounds in 2013, with lower interest charges from debt repayments partially offsetting the impact of disposals.
Revenues improved to 815.3 million pounds from 782.9 million pounds. Underlying revenue was 787.6 million pounds.
The company proposed a final dividend of 4.3 pence per share, providing a total dividend for the year of 6.7 pence per share, representing a 5 percent increase on 2013.
Further, the firm said the year has started well, with like-for-like sales growth in Destination and Premium pubs of 2.1 percent for the 7 weeks to November 22, including food sales growth of 2.1 percent and drinks sales growth of 2.0 percent. Operating margins are up on last year.
Ralph Findlay, CEO, said, 'Looking forward, we will continue with our expansion strategy to invest in at least 25 new-build pubs each year. We also remain on track to dispose of the residual 200 pubs targeted for sale from our Taverns estate over the next 12 months to create the desired structure for our business for the future.'
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