Growth in all divisions and increased interim dividend
FINANCIAL HIGHLIGHTS
Group revenue up 7.6% to £342.1 million (2011: £317.9 million).
Underlying profit before tax up 14.7% to £33.5 million (2011: £29.2 million).
Managed like-for-like (lfl) sales up 3.6%; underlying operating margins up 0.3%; operating profit
up 6.8%.
Tenanted and Franchised operating profit up 3.1% with improving trend.
Brewing revenue up 6.6%; operating profit up 2.7%. New swap arrangements reduce annual interest costs by £2-3 million to 2020.
Underlying earnings per share up 14.6% to 4.7 pence per share (2011: 4.1 pence per share).
Interim dividend up 5% to 2.2 pence per share (2011: 2.1 pence per share), with increase in dividend cover to 2.1x.
STRATEGY HIGHLIGHTS
Managed pub development – On target to complete 25 new-build pubs this financial year, continuing to achieve strong returns with an EBITDA ROC of 18.5%.
The ‘F-Plan’ – 11% increase in main meals served; food sales now represent 43% of retail sales. Franchised pub development – Implemented in 419 pubs to date with profit uplift in line with
targets.
Market leader in premium ale – Group ale volumes up 2%, with strong growth and market share gains in premium ale.
CURRENT TRADING – 32 WEEKS TO 12 MAY
Managed lfl sales up 2.4% including lfl food sales up 2.7% and lfl wet sales up 2.3%.
Tenanted and Franchised profits estimated to be up 3%.
Own-brewed volumes in growth.
Commenting, Ralph Findlay, Chief Executive Officer, said:
“We have delivered a good performance in the first half year against a weak consumer backdrop. Our growth in revenue and earnings was underpinned by our strategic focus on delivering value, high service standards and a quality offering to our consumers and customers. Our confidence that we are well positioned for the future is reflected in our declared dividend increase.”
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