Spirit Pub Company’s trading update for the 12 weeks to 17 August – the final quarter of its financial year – shows it continuing to outperform the market, with the company ‘well positioned for future growth’.
Highlights
- A strong final quarter for Managed pubs; continue to outperform the market1
- Continued progress in Leased pubs
- Innovation trials progressing well in both estates
- Full year earnings expected to be in line with market expectations
Managed
|
12 weeks to 17th August 2013 |
52 weeks to 17th August 2013 |
|
| Like-for-like Net Sales |
+4.1% |
+1.6% |
| Like-for-like Food Sales |
+4.7% |
+2.8% |
| Like-for-like Drink Sales |
+2.8% |
-0.6% |
Our Managed pubs ended the year well in the fine summer weather. Our brands continue to deliver strong like-for-like food sales growth and we are pleased with our drink like-for-like sales given the tough year-on-year comparatives against Euro 2012. Focus on the execution of our well established strategy continues to produce encouraging results.
1 Source: Coffer Peach Business Tracker
Leased
|
12 weeks to 17th August 2013 |
52 weeks to 17th August 2013 |
|
| Like-for-like Net Turnover |
+2.2% |
-0.4% |
| Like-for-like Net Income |
-0.4% |
-2.1% |
We are pleased with the progress in the transformation of our Leased estate with performance in line with our expectations. Like-for-like turnover ended the full year marginally down but we saw improving momentum through the year, with the final quarter seeing like-for-like net turnover in growth and like-for-like net income broadly flat.
The quality of the Leased estate was further enhanced in the final quarter as we completed another 45 investment schemes and disposed of an additional 14 pubs which had been identified as having limited future potential.
Mike Tye, Chief Executive, commented:
“We have delivered a strong finish to the financial year in both estates with our performance reflecting a combination of improved weather over the summer and further execution of our strategy. We expect full year earnings to be in line with market expectations and remain well positioned for further growth. We continue to innovate to create compelling brands and pubs as well as investing in the talent and leadership of our people to deliver hospitality excellence for our guests.”