Harveys reports profit fall
Harveys, the East Sussex-based brewer and pub operator, has reported a fall in profits in 2011 after experiencing increased pensions contributions and lower income from property sales.
The company, which runs 46 pubs, saw pre-tax profit fall 22.3% to £2.39m. Turnover increased by a fraction to £19.32m, despite a decline in own-beer volumes.
Operating profits were £2.35m (2010: £2.44m).
“Turnover has been maintained overall and although gross profit margins have been reduced, from 42.54% to 40.76%, operating profits have only gone down from 12.75% to 12.18%,” Harveys said.
“The company continued its policy, which began in 2010, of updating the brewery by investing in new equipment and carrying out refurbishment work.
“In 2010 the company benefited from the disposal of a freehold property giving rise to a surplus of £635,289 whereas, in 2011, income from sales of property only amounted to £39,398.”
