Overcast

Overcast

max temp: 18°C

min temp: 11°C

ESTD 1874 Search

The pigs have arrived. See the latest

Pigs Gone Wild

news here.

Leisure: Spirit Pub Company beats profit forecasts following strong summer sales

10:27 03 September 2014

The Red Lion at Martlesham.

The Red Lion at Martlesham.

One of the UK’s biggest pub chains has topped up the City’s profit forecasts after a better-than-expected summer for food and drink sales.

Spirit Pub Company, whose brands include Chef & Brewer, Fayre & Square and Flaming Grill, said revenues were 2.1% higher on a like-for-like basis in the 12 weeks to August 16, leading to growth of 4.4% across its financial year.

Chief executive Mike Tye said the performance in the quarter was strong, particularly as market conditions remained challenging and the company faced testing comparatives following good summer weather last year.

He added: “We remain confident in the long-term outlook for the business and expect full year results to be ahead of market expectations.”

The guidance prompted analysts at Shore Capital Stockbrokers to raise their forecasts for profits to around £60million in the year to August 16, from £56.8m previously.

Spirit has has more than 1,200 pubs across the country following its demerger from Punch Taverns in 2011. The managed estate comprises more than 750 sites and continues to benefit from a market-beating performance.

Food sales were 2% higher on an underlying basis in the most recent quarter, while drink sales gained 2.3% on a year earlier.

Spirit’s leased pub estate, which is made up of around 450 outlets, grew net income by 4.8% in the 12 week period.

Besides the Chef & Brewer, Fayre & Square and Flaming Grill pub restaurant brands, Spirit also owns the drink-led John Barras and Taylor Walker chains.

Its properties in East Anglia include the Royal George in Ipswich, the Red Lion at Martlesham, the Grosvenor in Felixstowe, the Rovers Tye in Colchester and the Rose & Crown in Wivenhoe.

Leisure industry analyst Mark Brumby, of Langton Capital, said: “The numbers are good and, even with comparatives toughening, the group has managed to convey the feeling that momentum is building.

“The pub sector has arguably suffered more than most in the messy aftermath of the financial crash and, with UK consumer spending becoming healthier, Spirit may be positioning itself to benefit from a more positive trading environment.”

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Sam Martin and her team from Angels Beauty Clinic with their awards at the Businesses of Saxmundham Customer Service Awards.

Angels Beauty Clinic carried off the top prize at the Businesses of Saxmundham (Bos) Customer Service Awards.

Ian Milne, managing director of Ipswich Town FC,  and Ian Surtees, managing director of  Vertas Group.

East Anglian multi-service facilities management provider Vertas Group has signed a three-year partnership deal with Ipswich Town Football Club.

The QD store in St Mathews Street, Ipswich has closed down.

Discount store QD has closed down its last remaining store in Ipswich after a fall in sales, the company has announced.

The new Greene King beer café, which stands alongside the company's Bury St Edmunds brewery.

Suffolk-based pubs and brewing group Greene King has received its fifth consecutive Certificate of Excellence from travel review website TripAdvisor for the quality of its Westgate Brewery tours in Bury St Edmunds.

Keith Senior is pictured at Jacobs Allen in Bury St Edmunds

Concerns have been raised about how Thursday’s decision to quit the EU will affect mortgage rates and foreign travel.

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

Great British Life

Great British Life
MyDate24 MyPhotos24