Managed pubs drive Spirit performance
A “MARKET leading” performance by its managed outlets is credited with helping Spirit Pub Company record pre-tax profits of £20 million last week.
Like-for-like sales across its 800 managed pubs, which include the Chef & Brewer brand, were up 5.6% in the 28 weeks to March 3, offsetting a 4.5% drop in like-for-like income for its 549-strong leasehold estate, which Spirit said was in line with expectations. Pre-tax profits for the group, which demerged from Punch Taverns last August, were up 7% to £20m in the period.
Chief executive Mike Tye said the company continues to make “good progress in transforming and revitalising the business”.
“We have delivered further strong growth in managed sales and margins through continued investment in our brands, our estate and our people supported by strong cost control,” he said.
“The leased business has performed in line with our expectations and we have built a strong management team to drive performance improvement.
“While we are mindful of the ongoing economic uncertainty and consumer pressures, we remain on track to deliver our full year expectations.”