Convivial London Pubs PLC has confirmed full year results for the period ended 29 September 2012, reporting another dynamic year of development and change. Highlights:
- Despite the sales of the Tea Clipper at the half year, turnover grew to £5.1m with like-for-like sales up by 10%.
- Overall Gross margin grew by 2.3% to 72.4%
- Pub EBITDA at £1.7m was up by 10%, with like for likes being up by 22.4%.
- Debt was reduced from £6m to £2.6m.
- Profit before tax for the year grew by 111% to £999,022.
Kris Gumbrell, Convivial’s CEO commented:
“We are really pleased with the progress made with the estate, our team have worked hard despite a wet summer, and the investment programme to our operational areas is now fully complete.
“The pubs continue to perform well, with the first 9 weeks of this financial year showing continued sales growth at 10%. Our focus this year will be to drive the top line by taking market share wherever we operate, whilst continuously improving our conversion to profit.
“We have a high quality group of freehold pubs in some excellent locations across London, and we see the year ahead as challenging but full of opportunity for the group.”
About Convivial London Pubs
Convivial London Pubs Plc is a group of seven freehold pubs based in prime locations across London. The group was formed in 2004 as an Enterprise Investment Scheme backed company,
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