Yorkshire brewery firm, Timothy Taylor has posted an annual profit of £2.3m up from £1.2m in the year to 30 September 2014, and turnover of £19.5m which is slightly lower that the like-for-like.
The company said: 'Overall profit before tax was nearly £2.4m, virtually double last year’s £1.2m profit, though last year was adversely affected by a £900k exceptional item in relation to the rationalisation of the managed estate.
'The performance from our rebalanced pub estate has exceeded our expectations. The outlets that transferred from managed to tenancy have all performed well, as did the two remaining managed houses. All of this (was) achieved with a lower turnover base, so the smaller pub estate is more profitable despite the loss of over £2m of retail turnover.
'Our beer brands have also performed well this year, particularly during the second half when overall barrelage grew by 5% compared to 2013. This was helped by continuing strong bottle sales, the benefit to Yorkshire from the Tour de France and the boost in August and September from Boltmaker winning Supreme Champion Beer of Britain.
'The distortion of Progressive Beer Duty relief for small producers continues to tilt the playing field in favour of microbreweries.'