Ultimate Leisure profits jump 31 per cent

From The Publican

Start a new thread11-Sep-2003

Related topics: Company & City News

Ultimate Leisure has bucked the downturn affecting the late-night bar market and plans further roll out of its flagship bar chains Beach and Rodeo.

 

The late-night venue operator has expanded beyond its Newcastle heartland, opening Beach venues in Rotherham and Belfast as well as in the Bigg Market in its home town.

 

A second Rodeo Bar, Coyote Wild, opened in Mansfield in May, building on the success of the South Shields outlet opened a year ago.

 

Ultimate has bought three further freehold sites suitable for large capacity, late licence venues, which will be developed as either a Beach or Rodeo bar as appropriate.

 

Ultimate also plans to extend its Chase bar concept to Durham.

 

In a record year for the business, Ultimate reported turnover up by 29 per cent to £26.5 million in the year to the end of June, with pre-tax profits up 31 per cent to £6.8 million.

 

Ultimate chief executive Allan Rankin said: "These results are all the more pleasing given the well documented competitive trading environment and re-enforce our strategy of purchasing freehold sites in prime positions on busy drinking circuits."

 

He added: "This performance, coupled with our strong development pipeline and with our successful expansion outside the North East, gives me confidence that we can produce similar growth in future years."

 

The dividend was increased by 44.6 per cent to 4.34p a share.

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