Poor weather hits Palmers' profits

By John Harrington

- Last updated on GMT

Related tags: Operating profit, Olympic games, Palmers, Olympics

Palmers operates 55 tenanted pubs as well as its brewery
Palmers operates 55 tenanted pubs as well as its brewery
Palmers, the Dorset-based brewer and pub operator, has reported a drop in profits and turnover in the year to 31 March 2013 as it suffered from poor weather and the Olympic “stay away factor”.

Pre-tax profits fell 19.4% to £1.1m on turnover down 1.2% to £8.6m. Operating profit declined by 18.3% to £1.1m.

It follows an increase in pre-tax profit and operating profit of 17.8% and 18.3% respectively in the previous year.

Summer trade

The company, which operates c55 tenanted pubs, said: “We believe that we will trade well through this summer as last year we suffered with the Olympics stay away factor and unreasonably bad weather.”

Palmers added: “Last year we asked the Chancellor to stop the relentless increases on beer duty. Thankfully he listened to the industry and even reduced this tax by 1p per pint. Now he needs to focus on VAT and by so doing, put many 18-25 year olds into full-time careers in our industry.”

Net debt at 31 March was £1.1m (2012: net fund of £75,551).

Related topics: Other operators

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