Poor weather hits Daniel Thwaites's half-year profits
Poor weather over the summer has hit half-year profits at pub and hotel firm Daniel Thwaites.
The Blackburn-based company saw operating profit decline 13% for the six months to 30 September 2012 to £6.6m. Pre-tax profits fell from £4.6m to £3.7m. Turnover was flat at £71.1m (compared to £70.9m for the same period the year before).
Thwaites said the summer rain hit its rural and seaside sites, while its pubs also suffered as a result of cancelled sporting fixtures.
Thwaites also shouldered £400,000 in restructuring and redundancy costs during the period after it announced plans to relocate its brewery.
It spent £600,000 on 19 refurbishment projects in its pub estate, while it spent £2.3m on hotel and inn refurbishments in the first half. The company also said that there had been a recovery in the performance of its hotels, which operate under the Inns of Character brand.
Chairman Ann Yerburgh said: "The first half of the year gave us many achievements, but we have certainly felt the impact of the challenging consumer environment, and the wettest summer for 100 years.
"Whilst the decisions that we have taken during the first half, to restructure brewery operations, settle £40m of interest rate swaps and cancel 3.5m shares have impacted our financial performance, they put us in a stronger position."
By Neil Gerrard
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