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Spirit reveals profit rise

By Mark Wingett, M&C Allegra

- Last updated on GMT

Related tags: Spirit pub company, Generally accepted accounting principles, Revenue

Spirit reveals profit rise
Spirit Pub Company, which is set to become part of Greene King, has this morning reported a 1.5% increase in like-for-like sales across its managed division, with net sales up 4.5% and EBITDA up by 6% to £59.8m.

For the 28 weeks to 7 March, turnover across its entire business climbed from £406m to £421m, while EBITDA rose 5% to £77m. Pre-tax profit stood at £25m, up 12% on the previous year.

Like-for-like income across its leased estate climbed 2.3% in the period, with divisional EBITDAR up 1.1%. The group said the quality of its leased estate had improved through investment and disposals.

The company said that total revenue from its 791-strong Managed pubs was up 5% as a result of both like for like sales growth of 1.5% and the benefit of pubs acquired from the Orchid estate towards the end of the prior year.

Like for like drink sales were up 0.9% and like for like food sales up 2.8% with the growth in food driven by the group’s strategy to convert its locals estate to its Flaming Grill and Golden Oak Inns formats.

Total EBITDA for its 420-strong Leased business was slightly up year on year at £17.4m despite a 5% reduction in pub numbers, with average EBITDA per pub up 5% at £77,000. 

Related topics: Greene King

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