FINANCIAL HIGHLIGHTS
Underlying Group revenue up 4.5% to £374.3 million.
Underlying profit before tax up 9.4% to £29.0 million.
Underlying earnings per share up 10.8% to 4.1 pence per share.
Interim dividend up 4.3% to 2.4 pence per share.
OPERATING HIGHLIGHTS
Destination and Premium: Like-for-like sales up 5.7%, operating profit up 18.2%.
Taverns: Managed and franchised like-for-like sales up 3.8%, core estate in profit growth.
Leased: Like-for-like profits up 3.0%.
Brewing: Revenue up 3.5%, operating profit up 4.0%.
STRATEGY HIGHLIGHTS
New-build development: On target for at least 27 new pubs this financial year.
Franchise expansion: 65 pubs converted in first half.
Disposal of smaller wet-led pubs: 286 properties sold for £116 million.
Market leader in premium ale: Premium ale volumes up 2%.
CURRENT TRADING - 5 WEEKS TO 10 MAY
Destination and Premium: Like-for-like sales up 4.1%.
Taverns: Managed and franchised like-for-like sales up 3.0%.
Leased: Like-for-like profits estimated to be up 5%.
Own-brewed volumes up 6%.
Commenting, Ralph Findlay, Chief Executive, said:
"The first half year was good and current trading is strong. We are creating a higher quality pub estate which is delivering positive trading momentum and meets the expectations of today's customers. We opened 11 new pub-restaurants in the first half and remain on track to open at least 27 in total this year. Our 100th new pub built since 2009 will open this summer, with 5,000 jobs having been created.
We are beginning to see some evidence of consumer confidence returning in the regions, leaving us confident of making positive progress for the remainder of the year."
