Like-for-like net income up 3.2% at Everards
The company reported EBITDA growth of 25% to £6.1m with operating profit up by £1.2m to £4.3m and profit before tax and exceptional items up by £1.5m to £3.2m.
Sales of beer to licensees increased by 5.1% in the year. Everards said new beer supply agreements resulted in some cost savings and had allowed it to pledge to licensees that draught beer and cider prices would increase by no more than RPI in 2016 and 2017, outside of any changes in duty.
Everards said its average vacancy rate stood at four pubs with no closure periods in any trading outlets. One pub was acquired during the period but 17 major projects were undertaken with an average spend of £81,000 on each. The company said it had received ROI of 13% on all schemes completed in the last three years. It said that of the 30 projects undertaken over the last three years approximately 65% was spent on income enhancing elements, with the balance spent on defending and protecting existing levels of income for all parties.
The brewing business saw a 3.7% rise in production to a total of 45,000 barrels of beer. Of this total 47% related to products brewed on behalf of third parties. Sales to the pub estate of Tiger Best Bitter, Everards primary beer brand, rose by 2% in the year.
On expansion the company said: “Blaby District Council are now considering two detailed planning applications, one for the development of Everards Meadows which will include a new Everards office, brewery, innovation centre and tasting rooms; plus a cafe bar, a restaurant and cycle centre. The other application for the existing brewery site at Castle Acres has been submitted alongside Next Plc and the Crown Estate and details retail development as an extension of Fosse Park. It is anticipated that both applications will be determined by Blaby District Council shortly.”
The company said performance in the first quarter of this financial year has been in line with expectation
