Divergence opens up on concept of operating profit
UK pub company Marston's includes £3.8 million impairments on assets transferred to held-for sale and £5.1 million profits on disposals of property, plant and equipment in operating profit, in contrast to its industry peers. This represents 1.3% of profit before tax.
New light on deferred tax as revaluation model retained
UK pub company Marston's retains the revaluation model for its pub estate and recognises £127 million deferred tax, representing 19% of equity, on revaluations and rolled over gains.
