Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Marston's (LON: MARS) shares are rising Wednesday after the company said that since lockdown restrictions were lifted in April, it has seen a continuous improvement in trading.
The pub and hotel operator said sales rose above pre-pandemic levels across its managed and franchised pubs for the most recent quarter.
Overall, trading since April 12 has been at 94% of 2019 levels.
Total pub sales were £402 million for the year ended October 2, representing 78% of last year, reflecting the significant disruption to trading from the pandemic.
Despite the industry facing challenges regarding staff recruitment and cost inflation, alongside supply issues, Marston's said it is currently managing this well.
Andrew Andrea, CEO of Marston's, said: “We are delighted to be fully open again since trading restrictions were lifted in July. We are encouraged by the trading momentum which we have experienced since April and pleased to be trading robustly and above 2019 levels again. Our business benefits from an optimally balanced pub estate of food and wet led pubs that are predominately suburban, community based and well located for the changes in consumer behaviour that we are seeing.
“However, we are mindful of consumer confidence in the short term and the challenges impacting the economy and our industry. Government messaging will remain a key factor in determining sentiment.”
Marston's shares are trading 1.1% above Tuesday's close at 73.65p following the announcement.
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