Shares of Marston’s PLC (LON: MARS) have continued to fall to extend the monthly losses to over 13%.
Marston’s stock price has now lost 18% in the last three trading sessions after a massive hit to sales due to the coronavirus lockdown.
Asktraders reported that the pub operator announced its profits fell 72% for the first half of the year ended March 28.
Pubs across the UK were told to close when the lockdown measures were announced in March. The UK Government will allow pubs and restaurants to reopen on July 04.
Yesterday, Marston’s CEO asked the UK government to reduce the VAT rate to help the embattled economy, as reported by Asktraders.
“We will be calling for a reduction in VAT to five per cent – that is what the industry is going to need,” said Ralph Findlay, CEO of Marston’s.
Marston’s stock price trades nearly 7% lower after it lost 1.5% yesterday, despite opening higher. As a result, Marston's share price hit a new 1-month low below 54p.
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