PUB GROUP Marston's reported depleted revenue for the financial year, causing shares to fall over 6 per cent yesterday despite assurances that trading momentum had rebuilt since the easing of lockdown measures.

Total pub revenue for the year was £402m, down 22 per cent on last year, which the operator said was a result of Covid trading disruptions.

Following the lifting of Covid restrictions in July, like-for-like sales were 102 per cent of 2019.

Marston's reported an underlying pre-tax loss of £100m for the 12 months ended 2 October, compared with a loss of £22m a year earlier.

The pub operator was optimistic despite the rising cost of living and alarm over the new Omicron variant.

"We have not seen an immediate wave of cancellations," Andrew Andrea, chief executive officer of Marston's, told City A.M. "The demand is out there for people to go out and have a good December."

The pub boss continued to reassure that while other lifestyle choices may be given up as bills rise, going to the pub is often seen as an "affordable choice".

(c) 2021 City A.M., source Newspaper