Admiral Taverns to weather Budget tax increases amid stronger trading
Admiral Taverns to weather Budget tax increases amid stronger trading
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Admiral Taverns, one of the UK’s largest pub companies, has said it is well positioned to weather the impact of tax and wage increases amid a boost from acquisitions and investments. The pub firm, which runs around 1,400 sites, said sales so far this year have been stronger than expected, shrugging off pressures facing consumer finances. It came as the private equity-backed firm revealed underlying adjusted profits of £59.7 million for the year to May 26 last year.
It represents an increase from a £55.9 million profit a year earlier. The company, which runs primarily drink-focused pubs, said it was supported by investments, including £36.8 million spent on improving its pub estate over the year. Admiral has grown in the new financial year on the back of acquisition deals, snapping up 37 sites from Fuller’s in June last year and 18 sites from Marston’s. The pub group added that it is “continuing to explore opportunities to add further sites”, with backing from owner Proprium Capital Partners.
It reported positive trading so far in the financial year, with sales up to January surpassing previous targets. As a result, the firm said it is “well positioned to weather the impact of budget changes to NIC (national insurance contributions) and business rates”. Current trading is ahead of our expectations, demonstrating the strength and resilience of our business and estate, and the group remains well positioned to continue to deliver profitable group growth and sustained strategic progress.
Chief executive Chris Jowsey said: “I’m particularly proud of the strong progress we have made against our strategic plans, delivering profitable growth across our estate as we continue to expand our footprint and cement our position as a champion of UK community pubs. “As we look to the future, we remain focused on driving further improvements to enhance our support offering and will continue to look for opportunities to expand our community pub estate.
