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Pub and hotel group Fuller, Smith & Turner swung to annual loss after the pandemic force it shutter operations for most of its fiscal year.
For the 52 weeks to 27 March 2021, p ore-tax losses were £59.2 million compared with a profit of £166.2 million year-on-year as revenue fell 77% to £73.2 million.
The closure of the estate for an average of 71% of the year due to Covid restrictions weighed heavily on results, but the company touted optimism ahead as the lifting Covid-19 restrictions gathers pace.
'With our entire estate open, like for like sales for the 12 weeks to 3 July 2021 are running at 76% of 2019 levels, cash generation is strong and our net debt levels are below where they were pre-pandemic,' the company said.
Looking forward to trading fully with no restrictions from 19 July, the company added that its pubs and hotels are 'perfectly placed to benefit from growing consumer confidence and the return of normal life.'