Spirit Pub Company encouraged by momentum across key metrics
STAFFORDSHIRE pubco Spirit Pub Company has seen its profit before tax increase by 11% and like for like sales have gone up by 4.8%.
Announcing its interim results for the 28 weeks to March 1, the Burton-upon-Trent-based firm reported profit before tax of £22m compared to £20m over the same period last year.
Spirit said its managed division had performed strongly with its 4.8% hike in like-for-like sales outperforming the market.
And it said its leased division has stabilised and is now in growth
Mike Tye, chief executive officer, said: “We are pleased with our performance in the first half of the year and the continuing momentum across the business, which reflects the benefits of investment in our estate, infrastructure and people.
“In our managed division, we believe that our brands and high quality estate provide the basis for sustainable growth in earnings and size of the branded estate. The leased division is now stable and in growth, and we continue to invest and innovate to improve the quality of the business going forward.
“We remain cautious, but are starting to see tentative signs of recovery in consumer spending, from which we should be well placed to benefit.
“We are confident that our customer proposition and sustained focus on delivering hospitality excellence to our guests mean that we can continue to deliver value for all our stakeholders.”
Spirit Pub Company was formed in August 2011 following demerger from Punch Taverns.
The business operates a portfolio of brands including Chef & Brewer, Fayre & Square, Flaming Grill, Taylor Walker and John Barras.
