Maclay Group focuses on more acquisitions

Related tags Generally accepted accounting principles

Maclay Group, the Scottish pub and bar operator, is homing in on three more acquisitions as it looks to have a rolling programme of five or more each year, managing director Steve Mallon has told M&C Report.

The company reported a full-year pre-tax loss of £737,379 against a pre-tax profit of £75,891 in the previous year, after downgrading the value of its 27-strong estate by £0.7m to £14.2m “in line with market conditions”.

Sales fell 0.1% to £10.4m in the 12 months to 29 September 2012 and operating profits declined 3.7% to £718,302, which includes one-off costs relating to the introduction of additional equity during the year.

Mallon said: “It felt like a bit of a repeat of the previous year, which was a case of running hard to stand still.”

However, average profit per Maclay-owned pub grew 3.1% and the gross profit percentage increased from 17.7% to 18%.

Mallon expects 2013 to be “significantly better” due to the improvements and other factors such as lower interest payments due to historic hedging costs coming to an end.

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