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Convivial reports 111% rise in pre-tax profit

By John Harrington , 17-Dec-2012
Last updated on 17-Dec-2012 at 16:08 GMT2012-12-17T16:08:46Z

Convivial reports 111% rise in pre-tax profit

Convivial London Pubs, the Enterprise Investment Scheme-funded pub operator, has reported a 111% rise in pre-tax profit to just under £1m for the year to 29 September.

Pub EBITDA was up 9.9%, or 22.4% on a like-for-like basis, to £1.7m. Convivial said that despite the sale of its Tea Clipper pub in Knightsbridge at the half year, turnover grew to £5.1m. Like-for-like sales were up 10%.

Debt was reduced from £6m to £2.6m and gross margin grew by 2.3% to 72.4%.

Profit before tax was £999,022.

Meanwhile, like-for-like sales in the first nine weeks of its current financial year are up 9.7%.

Kris Gumbrell , Convivial chief executive, said: “We are really pleased with the progress made with the estate. Our team has worked hard and, despite a wet summer, the investment programme to our operational areas is now fully complete.

“Our focus this year will be to drive the top line by taking market share wherever we operate whilst continuously improving our conversion to profit. We have a high quality group of freehold pubs in some excellent locations across London, and we see the year ahead as challenging but full of opportunity for the group.”