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With Euro 2020 And Staycation Boosts Marstons Reopening Sales Exceeded Expectations 2

After reopening its facilities indoors in May, pub company Marstons claimed it outperformed expectations, thanks to a boost from staycations and Euro 2020.
The company’s stock rose after it announced that overall sales from May 17 to July 24 were 92% higher than the same period last year, before the pandemic.
Reopening trade was “encouraging,” according to the company, because it benefited from “more food coverings, outside investment, nicer weather, and the benefit of the postponed Euro 2020 competition.”
Strong drink revenues boosted initial sales after the outdoor reopening on April 12th, according to Marstons, which operates about 1,500 pubs across the UK.
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After the lifting of pandemic limitations, the company claimed the Wales-focused Brains pub estate it bought earlier this year had “performed nicely.”
Meanwhile, demand for hotel rooms has been “great,” as the company has benefited from an increase in staycation holidays as foreign travel restrictions have kept tourists in the UK.
The business has seen a “moderate increase” in sales in the first week of trading since remaining trading restrictions were relaxed on July 19.
This is “obviously optimistic,” but it is “too early” to extrapolate major trends at this time, according to the report.
The group’s chief executive officer, Ralph Findlay, said he’s “delighted” that its locations are now fully operational, but that government intervention is still needed to assist the pub sector recover.
“The tone of government communications will have a significant impact on consumer confidence – at the moment, the message is one of caution,” he said.
“We feel that a review of the business rates system by the government is long overdue, and that the VAT decrease should be permanent, as the hotel industry remains one of the most highly taxed.”
“This would help a hard-hit industry and promote hospitality’s employment and development of young workers, who will be a important component of the UK’s economic recovery,” said the Wolverhampton-based firm’s stock, which was up 3.5% at 86.45p in early trading.

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