Marston’s is expected to enjoy an upward trading trajectory as Covid restrictions are lifted, analysts have concluded following yesterday’s half-year results announcement.

Anna Barnfather and Andrew Wilkinson, at Liberum, predicted a “rapid rebound” now that the predominantly suburban estate had fully reopened.

They noted that Marson’s reopened quickly when permitted to do so with 70% of pubs in England trading on 12 April and a similar level of opening in Scotland and Wales when permitted to do so 14 days later.

Erik Saiz and Stefan Keschonski at JPMorgan Cazenove noted since reopening on 12 April, sales levels were at 77% of the pre-Covid levels.

Wet sales were stronger than food sales, running at 89% and 59% respectively and they noted that a shake-out of bars and restaurants could lessen competition for the business.

Douglas Jack and Ivor Jones, analysts at Peel Hunt, predicted debt reduction momentum at Marston’s should rebuild over the next few months, growing equity value in the process.