The Capital Pub Company, which saw a change of chief executive and finance director this summer, has boosted turnover and profit in the first six months of its financial year.
The company, which makes around 80% of its profits from drinks, saw turnover increase 11% in the six months to 27 September 2008 to £10.12m (2207: £9.16m) at its 24 unbranded sites in London.
Pre-tax-profit at the group, excluding the affects of an accounting charge in regards interest rate swaps in the period, was 24% higher at £1.12m (2007: £910,000).
Clive Watson, previously managing director and now chief executive of Capital Pub Company, said: “Whilst we expect 2009 to be a challenging trading environment, the business is well placed to build on this solid start, achieve maximum cost savings and increase our market share through improved service and focus on our customers.”
Watson said he was disappointed the Chancellor had increased duty on alcohol to offset the reduction in VAT and that he would welcome an investigation into the role played by supermarkets in retailing alcohol at below cost.
In October Nicholas Collins joined the company as head of finance with a view to becoming finance director in January 2009. He was previously with sandwich shop operator Fuzzy’s Grub.
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By Chris Druce
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