– Revenue and earnings growth despite Easter falling later this year in second half
§ Easter impact on profit before tax estimated at £1.5 million
– Statutory profit before tax up 61% reflecting positive movement in valuation of swaps
– Leverage maintained at 5.0x, fixed charge cover improved to 2.6x
· Improving quality of pub estate
– Average profit per pub up 3% in first half year
– Four pubs and bars opened
– Three lodges opened, taking estate to over 1,000 rooms
· Market-leading beer business continues to demonstrate growth
– Strong brand portfolio continues to outperform market
– Further market share growth, with 26% share of premium bottled ale and 19% share of premium cask ale
· Interim dividend up 3.8% to 2.7p per share
· Acquisition of Charles Wells Brewing and Beer Business for £55 million (see separate
announcement)
– Transaction to be funded from the proceeds of an equity placing to raise 9.9% of issued
share capital announced today (see separate announcement)
· Current trading (for 30 weeks incorporating Easter) remains encouraging
– Destination and Premium like-for-like sales up 1.6%; operating margins in line with last year
– Taverns like-for-like sales up 1.7%; Leased like-for-like profits up 2%
– Own-brewed beer volumes up 2%
– On track to open 23 pubs and bars and 8 lodges in current financial year
– Acquisition of three Pointing Dog Premium pubs in May and agreement to purchase seven Destination and Premium pubs