Licensed operator Pub ‘n' Bars has ‘satisfactory' 2005
Pubs ‘n' Bars has announced "satisfactory" year end results for 2005, despite little improvement from last year's difficult trading conditions.
Although operating profit of £2.09m was 37.5% higher than the previous year (2004: £1.5m), pre-tax profit fell from £1.2m last year to £1.09m.
Turnover was up 5.8% at £14.7m (2004: £13.9m), helped in part by the acquisition of seven freehold and two leasehold pubs, and the disposal of three pubs.
Another three pubs, which Pubs ‘n' Bars previously leased, were acquired as freeholds during the year.
This brings the company's portfolio of pubs to 67, after one was disposed of after year end.
Chairman Seamus Murphy remained optimistic about the effect of the smoking ban to be introduced next year, stating most of the properties have outside areas that can be adapted for smokers.
He said, "Despite the competition and retail trading conditions, we will continue with our policy of acquiring freehold community pubs that meet out strict criteria and we look forward to the future with confidence."
Murphy also hit out at the cheap price of beer in supermarkets, arguing it was putting increasing pressure on pub companies.
Pub ‘n' Bars add to portfolio >>
By Alix Young
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