Innventure, the pub company run by former Mitchells & Butlers executive Chris Gerard, has reported flat performance for the year to the end of June 2012 but said its expects EBITDA to be in excess of £1m in its current financial year.
The six-strong company said that sales were essentially flat in the year to 30 June 2012, which it said was a “disappointing performance”, masking success in growing sales at its The Wellington and The Forresters pubs.
The group also incurred significant pre-opening costs during the year in regards to the Cross Keys in Saffron Walden, which reduced profits, with pre-tax profit at £238k against £358k the previous year.
Turnover for the year was £5.28m (2011: £5.27m), operating profit was £425.4k (2011: £508.6k).
During the year, Innventure successfully negotiated the repayment of £1.3m in respect of an external shareholder loan, with the repayment funded by a new facility from National Westminster Bank.
The company stated: “Performance going forward is forecast to be strong with an anticipated EBITDA of over £1m for the financial year 2012-2013, complete with anticipated strong cash flows. The company’s cash position is expected to be in excess of £1m by 30 June 2013.
“From the customer’s perspective, the business continues to work on food that is delicious, service that is personal and individual and a drink and accommodation offer that is distinctive.”
