Peach Report

Spirit sees like-for-like sales ahead 5.6%

18 April, 2012

Spirit Pub Co saw like-for-like sales in its managed pubs increase by 5.6% in the 28 weeks to 3 March, it reported this morning. It also announced its first dividend as a listed company.

Chief executive Mike Tye said managed pubs continued to out perform the market, judged against the Coffer Peach Business Tracker. Spirit continued to make good progress in transforming and revitalising the business, he said, after major invesments in its leading brands such as Chef & Brewer, Fayre & Square and Flaming Grill.

"We have delivered further strong growth in managed sales and margins through continued investment in our brands, our estate and our people supported by strong cost control. The leased business has performed in line with our expectations and we have built a strong management team to drive performance improvement.

"Today we have also announced our first dividend payment as a listed company [of 0.65p per share] and, while we are mindful of the ongoing economic uncertainty and consumer pressures, we remain on track to deliver our full year expectations,” Tye added.

Group EBITDA increased 3% to £70m, over the period, profit before tax was up 7% to £20m and earnings per share grew 12% to 2.2p.

Managed pub EBITDA was up 10% at £49m. Residual leased pubs saw like for like net income down 4.5% delivering EBITDA of £21m.

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