EBITDA from normal operations increased 29% to £2.5m. Excluding factors that don’t relate to on-going trading of its pubs, such as £190,206 for site openings and developments and an increase in profit-related pay and quasi-dividend payments to director of £89,023 to £265,073, EBITDA grew 22% to £1.7m.
Turnover for the year rose 12% to £18.2m, which Peach said was primarily due to the inclusion of full-year operations for two pubs and the addition of two more to the estate. Peach currently has 16 sites, with the acquisition of its 16th, the Star & Garter in Leamington Spa, Warwickshire, confirmed last week.
The firm said the increase in pre-tax profit “demonstrates our ability to successfully find and operate great pubs in a challenging and competitive market”.
“All pubs continue to perform successfully despite the challenging economic environment.
“The directors believe that at the end of 2011, the group is in a good financial position for further expansion.”
Peach restated its medium term aim of operating 22 pubs. M&C Report revealed earlier this year that the company had secured a funding deal with brewer Molson Coors worth £0.5m initially.
“We aim for steady further growth based on our existing principles, sharing the fruits of our labour with our key operators and retaining sufficient profits to grow and develop our business with the support of our banking and property partners," Peach said.
“Expect one, two or three more pubs in 2012, and only great ones.
“Our medium term goal remains Peaches 22 - 22 great pubs with shared ownership, with 6-8 partners around our Peach table.”
Net assets at the period end were £1.35m (2010: £1.1m).