Partly Cloudy

Partly Cloudy

max temp: 11°C

min temp: 5°C


Leisure: Spirit Pub Company beats profit forecasts following strong summer sales

10:27 03 September 2014

The Red Lion at Martlesham.

The Red Lion at Martlesham.

One of the UK’s biggest pub chains has topped up the City’s profit forecasts after a better-than-expected summer for food and drink sales.


Spirit Pub Company, whose brands include Chef & Brewer, Fayre & Square and Flaming Grill, said revenues were 2.1% higher on a like-for-like basis in the 12 weeks to August 16, leading to growth of 4.4% across its financial year.

Chief executive Mike Tye said the performance in the quarter was strong, particularly as market conditions remained challenging and the company faced testing comparatives following good summer weather last year.

He added: “We remain confident in the long-term outlook for the business and expect full year results to be ahead of market expectations.”

The guidance prompted analysts at Shore Capital Stockbrokers to raise their forecasts for profits to around £60million in the year to August 16, from £56.8m previously.

Spirit has has more than 1,200 pubs across the country following its demerger from Punch Taverns in 2011. The managed estate comprises more than 750 sites and continues to benefit from a market-beating performance.

Food sales were 2% higher on an underlying basis in the most recent quarter, while drink sales gained 2.3% on a year earlier.

Spirit’s leased pub estate, which is made up of around 450 outlets, grew net income by 4.8% in the 12 week period.

Besides the Chef & Brewer, Fayre & Square and Flaming Grill pub restaurant brands, Spirit also owns the drink-led John Barras and Taylor Walker chains.

Its properties in East Anglia include the Royal George in Ipswich, the Red Lion at Martlesham, the Grosvenor in Felixstowe, the Rovers Tye in Colchester and the Rose & Crown in Wivenhoe.

Leisure industry analyst Mark Brumby, of Langton Capital, said: “The numbers are good and, even with comparatives toughening, the group has managed to convey the feeling that momentum is building.

“The pub sector has arguably suffered more than most in the messy aftermath of the financial crash and, with UK consumer spending becoming healthier, Spirit may be positioning itself to benefit from a more positive trading environment.”



Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files

Please log in to leave a comment and share your views with other Ipswich Star visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Ipswich Star staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Ipswich Star account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Felixstowe mayor Doreen Savage switches on the lights helped by Elise Gorski, Peggy Osborne, and Ash and Lila Tadjrishi.

It’s a problem faced by millions of families across the country every year.

Domestic violence reports increase

Domestic violence reports soared by 12% in Suffolk last year with more than 2,000 recorded incidents involving male victims, police have said.

The close-knit Smith family in 2006: Matt, Wendy, Nikki and Barry

It can be upsetting and lonely having a child with a disability, but Wendy Smith would rather shout about the many positives. Steven Russell hears how love and kindness trumps any anger and bitterness

Woman conned by bogus caller (Stock photo)

A Hadleigh woman who lost £2,500 in a police scam has warned others to be alert to the crime.

Members of the nursing team at Ipswich Hospital.

Carers and visitors of people being looked after at Ipswich Hospital will next month be able to spend more time with patients as new extended visiting hours are introduced.

She was last seen in the area of Downside Close in Ipswich.

A woman reported missing to police on Saturday has been found safe and well following a public appeal.

Part of Sue Brooks' photograph of pupils and staff at Fonnereau House School, Ipswich, in 1952. Are you in the picture?

I recently asked readers if they had memories of Fonnereau House School, Ipswich, which was in Fonnereau Road, close to High Street.

Essex police are investigating a robbery at Jaywick.

An 88-year-old Essex man suffered a broken hip when he was knocked to the ground by robbers who burst into his Jaywick home.

Doors reopen on the new look East of England Co-op Daily store in Woodbridge Thoroughfare. Staff members, left to right, Chloe Williams, James Buckles, Shirley Pierce.

Shoppers were greeted by the sight of a new-look Co-op on their high street yesterday, when a Suffolk branch of the store reopened following three weeks of refurbishment.

HGV drink-driver in court

A lorry driver carrying a trailer full of wine has admitted dangerous driving when weaving between lanes on the A14 while three times over the drink-drive limit.

Most read

Most commented

Topic pages

Local business directory

Suffolk's trusted business finder

Property search

e.g. Oxford or NW3
Powered by Zoopla

Digital Edition

Read the Ipswich Star e-edition today E-edition

Great British Life

Great British Life
MyDate24 MyPhotos24