Sunny

Sunny

max temp: 10°C

min temp: 3°C

ESTD 1874 Search

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.

shares

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.”

shares

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

Home Secretary Theresa May is launching Conservative candidate for Colchester Will Quince's campaign.

The Home Secretary visited Colchester today to launch the Conservative candidate’s manifesto.

Hen harrier chicks at a nest - the species has become a symbol of UK bird of prey protection efforts.

A top naturalist and TV presenter really got to the art of the matter in his fight against illegal bird and animal persecution - and used a Constable masterpiece to make his point

Sudbury Town Centre. North Street.

Police are treating the sudden death of a man in Sudbury as unexplained.

Thomas the Tank was a favourite of Callum Maclean

It’s been a tad nostalgic in the office this week, writes Kate Dodd. A flippant mention of favourite TV as a child, and the chat turned all misty-eyed and heart felt.

Emergency services at the scene at the multi-storey car park in Bury on November 28.

A 64-year-old woman who died after falling from a multi-storey car park in Bury St Edmunds committed suicide, an inquest has heard.

RAF Mildenhall

A new group has been launched to evaluate ideas for future uses of the RAF Mildenhall site before presenting them to the Ministry of Defence (MOD).

The Red Arrows perform manoeuvres at the Clacton Air Show on Friday, 22 August.

Spectators at this year’s Clacton Airshow will once again be able to watch the world famous Red Arrows.

Kevin Bru after being reunited with Gizzer

Ipswich Town supporters came to the rescue of one their favourite players, reuniting them with their beloved dog.

Giles' portrait of Alf Garnett

An unusual work by Suffolk art icon Carl Giles is to be auctioned in the county.

Traffic. Library image.

A broken down lorry caused slight delays for westbound traffic on the A14 this evening.

Most read

Most commented

Topic pages