Honeycombe Leisure says it plans to continue growing its managed pub division despite a plunge into the red over the past six months.
The company recorded a pre-tax loss of £17,000 for the six months to 26 October, a figure which included a one-off charge of £700,000 in connection with its purchase of the Devonshire Pub Company in March 2001. This compared with a pre-tax profit of £853,000 a year earlier.
The company has added 20 new management contracts to its portfolio of 91 owned or managed sites since December 2002. This includes a 10-year, six-site management contract with the Great English Pub Company secured in December 2003.
Turnover for the six months was £16.4m, slightly down on the £16.8m recorded in the same period a year earlier.