FINANCIAL HIGHLIGHTS
- Group revenue up 5.5% to 719.7 million (2011: 682.2 million)
- Underlying profit before tax of 87.8 million up 9.2% (2011: 80.4 million)
- Managed like-for-like (lfl) sales up 2.2% with underlying operating margins up 0.2%
- Tenanted and Franchised operating profit up 3.2%
- Brewing revenue up 6.8% and operating profit up 0.6% with Group ale volumes up 2%
- Estate valuation in line with 2011 carrying value, as previously reported
- Cash return on capital employed up 0.9% to 10.7%
- Underlying earnings per share up 9.8% to 12.3 pence per share
- Final dividend of 3.9 pence per share, up 5%
STRATEGY HIGHLIGHTS
- Managed pub development - 25 new-build pubs completed with performance ahead of target; on track to build another 20-25 in 2013
- The 'F-Plan', value and service - food lfl sales up 2.4% now representing 44% (2011: 42%) of sales; over 28 million meals sold
- Managed pub formats - lfl sales growth in destination food pubs, traditional community pubs and premium pubs and bars
- Tenanted and franchised pub development - franchise agreements implemented in around 500 pubs, achieving strong profit growth
- 'Localness' and premium ale strategy - retained market leading shares in premium cask ale and bottled ale segments, with 1% market share growth in 2012
CURRENT TRADING - 8 WEEKS TO 24 NOVEMBER 2012
- Managed lfl sales up 2.0% including lfl food sales up 3.4% and lfl wet sales up 0.9%
- Tenanted and Franchised profits estimated to be up 3%
- Own-brewed volumes are in line with our expectations
Commenting, Ralph Findlay, Chief Executive Officer, said:
"These results demonstrate resilience despite the weak economy and very poor weather during the summer. All areas of the business achieved increased revenue and profit in the year, demonstrating the continuing appeal of good pubs and beers.
The economy is likely to remain weak for the foreseeable future, but we have a clear, proven strategy which is appropriate for current market conditions, and which is achieving growth."
