Lower interest bill boosts Hall & Woodhouse

Hall & Woodhouse, the Dorset brewer, said its pre-tax profit rose nearly 19 per cent in 2009, thanks largely to a lower interest bill.

The brewer said it believed it had made good economic progress for the year to January 30, 2010, "despite a very difficult backdrop".

Turnover for the period fell nearly two per cent to £89.3m, with operating profits down three per cent to £8.4m.

Borrowings were reduced by £6.4m to £53.5m and net interest payable fell 41 per cent to £1.9m. Pre-tax profits before exceptionals subsequently rose 18.8 per cent to £6.6m.

Earnings per share for the year rose 18 per cent to 762p, while dividends per share were unchanged at 347p.

Lord Rockley, Hall & Woodhouse chairman at the time of the results, said the brewer's executive team "had shown clear leadership in a critical year".

Rockley retired at the brewer's AGM in May and was replaced as chairman by Mark Woodhouse. The group also announced the appointment of former Mitchells & Butlers' chief executive Tim Clarke as a non-executive director.