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Dec 6 (Reuters) – UK’s Marston Plc ( MARS.L ) returned to annual profit on Tuesday, as people flocked to bars and taverns after months of strict COVID restrictions ended but the pub operator saw rising costs squeeze its margins.
Marston’s said last week that Christmas bookings had so far topped pre-pandemic levels and sold out since October, as it pushed back the release of results, citing “procedural” delays in completing the audited accounts of its joint venture with Carlsberg UK.
The upbeat comments from the Wolverhampton-based firm come at a time when a deepening cost-of-living crisis is forcing Britain to limit non-essential spending, while sharply rising costs squeeze margins for businesses.
Operating costs jumped more than 72% to 684.2 million pounds ($833.97 million) while rising energy and labor costs continue to plague UK businesses in the hospitality sector.
Marstons said recent sales had been boosted by England’s performance at the current Soccer World Cup, when the Three Lions reached the quarter-final stage of the marquee event, which is synonymous with the summer months but was staged this winter due to extreme mid-year temperatures in host nation Qatar. .
The company’s pre-tax profit was 27.7 million pounds for the 52 weeks ended October 2, compared with Refinitive analysts’ estimates of 28.4 million pounds.
A year earlier it posted a loss of 100 million pounds when UK hospitality companies were hit by the pandemic.
($1 = 0.8204 pounds)
Reported by AB Jose Koilparambil in Bengaluru; Editing by Rashmi Aich
Our Standards: The Thomson Reuters Trust Principles.
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