Pub group Marston’s saw its pre-tax losses for the full-year ending 2 October widen to £100m, up from £22m the previous year.
Revenues also dropped to £423.8m down from £821m in 2020 as sales continued to be impacted by the “significant” disruptions caused by the pandemic.
However, since reopening outdoors in April, trading improved with like-for-like sales in July operating at 102% of 2019.
The group said it had drawn down £190m of a £280m bank facility providing headroom of £90m.
Andrew Andrea, CEO, said: “Whilst there are still some challenges to navigate over the months ahead, we believe the worst of the pandemic is now behind us and Marston’s has emerged a stronger, more focused business which is in great shape.
“Marston’s enters the year ahead as a focused pub business with a clear strategic plan, a profitable and cash generative business, a strong balance sheet and a 40% share in CMBC, our partnership with Carlsberg, which has such exciting potential.”
He added: “Our debt reduction plans remain on track and our well-invested, predominantly freehold, suburban pub estate is well placed to benefit from many of the positive consumer dynamics and drivers post pandemic. Whilst still early days, Christmas bookings look encouraging and we look to the future with renewed optimism.”