Thwaites warns of short-term profit slowdown

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Lancashire brewer Daniel Thwaites has promised a future improvement in profits despite a slowdown in growth.Its pre-tax profits for the 52 weeks to...

Lancashire brewer Daniel Thwaites has promised a future improvement in profits despite a slowdown in growth.

Its pre-tax profits for the 52 weeks to March 31 slipped by eight per cent to £11.47m compared to the previous period of 53 weeks.

The 194-year-old family-run company has also been investing heavily in its managed estate, acquiring 11 new pubs and carrying out eight major refurbishments.

On top of this, it has spend money on building a hotel in Leeds and upgrading some of its other hotels and its Blackburn brewery, which produces Thwaites Bitter.

With some of its 320 tenancies and 70 managed houses in rural parts of the North West, it has also been affected by the foot-and-mouth crisis.

Chairman Ann Yerburgh said: "Our continued commitment to capital investment should increase earnings in the future, but we can expect a temporary slowdown in our profitability - which is not helped by the continuation of foot-and-mouth disease.

"I believe we are in good shape to take on the challenges of the next few years. In the long term, shareholders will benefit from our investment decisions."

Turnover for continuing operations over the year increased by four per cent to £127.7m, while operating profits for its brewing and hotel divisions were "well ahead".

Related stories:

Thwaites in profits boost (December 4, 2000)

Thwaites breaks profit record (July 10, 2000)

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