Ann: F22 Half-year Profit and Dividend Announcement, page-13

This is a great result considering the circumstances.
I agree with your thoughts re the market's perception of the balance sheet and the gearing level being a handbrake. I'm hoping that there is sufficient cashflow in this business (especially when the pubs get a decent run at it without the impacts of Covid) to pay down that debt level quickly, whilst still expanding the business in the coming years. It's not uncommon for companies that are spun off from a parent company to be saddled with a disproportionate level of debt. I think this will be rated much more highly by the market if they can get the debt to equity ratio down to under 80% and the interest coverage up to like 8X.

Reducing debt and interest payments will also provide some increase in EPS and future proof the company for the likely increase in interest rates in the years ahead, which will act as an EPS handbrake.