Pubs company is in the money after profits rise
Profit before tax was up 4.3 per cent to £107.2m, the group’s highest profit in its 39-year history.
Like-for-like sales, which exclude new pubs, rose 5 per cent in the 52 weeks to July 29. Revenue rose 2 per cent to £1.69bn.
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Hide AdChairman Tim Martin said the current financial year had been “reasonable”, with 5.5 per cent growth in like-for-like sales in the six weeks to September 9.
But he warned higher running costs could hit profits.
He said: “The company has had a reasonable start to the financial year, but taxes, labour and interest costs are expected to be higher than those of last year, so we estimate that like-for-like sales growth of about four per cent will be required for the company to match last year’s record.”