Dorset based pub operator and retailer, Hall & Woodhouse has reported turnover rose 2.8% to £96.8m in the year to 26 January 2013. Pre-tax profit was up 11.4% to £6.3m, compared to that of £5.7m in 2012. The company also opened its new £5m brewery in Blandford, Dorset. Operating profit before exceptional items increased by 7.9% to £8.3m (£7.7m in 2012).
The company stated: “Despite three public house acquisitions, completing the new brewery and also investing a substantial amount of capital in our freehold public house estate, net debt only increased by £1.2m to £46.2m (2012: £45m). £4m property sales were achieved (£2.6m in 2012) from underperforming assets.'
The company reported it has a £60m facility in place “allowing us to take advantage of any opportunities in the market place should they meet our investment criteria”.
Operating margin grew to 8.6% from 8.2% the year before and return on invested capital was 8.1%, up from 7.6% the year prior.
The company added: “Current performance is better than expected due to strong summer trading. This was despite a number of larger sites being closed for refurbishment in Spring 2013. The Lulworth Cove Hotel, Dorset, The Harbour Inn, Axmouth and The Black Rabbit, Arundel all benefited from major investments and have traded above budget since re-opening. H&W Portishead continues to trade encouragingly. Costs remain a challenge for the industry as a whole, but the company has seen the benefit of good cost controls which have protected margins.”