Our half-year results
Our financial results for the first half of 2018 were in-line with expectations, with a strong performance in tough market conditions.
Here are the highlights:
- Turnover is up by 20% and profits by 8%, despite rising business costs.
- Our ‘drive to’ venues in Destination and Premium suffered at the hands of the ‘Beast from the East’, but both businesses maintained profits in line with last year.
- Our Taverns & Leased and Brewing divisions enjoyed strong trading conditions, offsetting the impact of the poor weather.
- Average profit per pub was up 1% and we’re on track to deliver our growth targets of 15 new pubs and bars, and six new lodges in 2018.
- The acquisition of the Charles Wells Beer Business is opening up new markets and expanding our beer brand portfolio.
- Our business Plan remains the same with our broad appeal serving us well in the current market conditions, including food-led destination pubs, wet-led community taverns, premium bars and restaurants, accommodation, and our market-leading brewing capabilities.
Click here to view the full results statement and take a look at the new edition of The Place magazine to hear about the priorities for the rest of the year from CEO Ralph in his welcome.