Eldridge Pope, the Dorchester-based pub operator, said it had pushed up its average pub size almost 25% in the first half of its financial year, from £6,900 a week to £8,600 a week, by selling smaller pubs and acquiring larger ones.
Announcing the latest half-year results, the company's chief executive, Peter Phillipson, said the quality of the group's pub estate has been "significantly enhanced" in the first half of the year after the disposal during the half of 30 sub-scale pubs and the successful integration of 23 large units acquired last year.
By the end of the financial year, Phillipson said, the board expects average sales to be over £9,500
per pub per week, an increase on the year of nearly 40%.
The group has opened three Toad pubs since September last year, and average turnover for these new Toad pubs is more than £25,000 a week. Phillipson said the group plans to open three further Toad sites in the second half.
The company reported pre-tax profit up 5.2% to £900,000 from £800,000 as turnover rose 21.1% to £31m from £25.6m for the six months.
EBITDA for the half-year grew 27.4% to £4.5m
and basic earnings per share were up by 3.1% to 2.36p.
Ongoing business like-for-like sales were up by 4.7% in the first half and like-for-like house profit was up by 6.6%. Ongoing business operating margin grew to 12.2% from 10.3% in 2000 and ROCE was up to 8.5% from 7.2%. An interim dividend of 2.76p has been declared, up from 2.6p.
Eldridge Pope said the foot-and-mouth outbreak had hurt trading at 19 of its countryside pubs.
Eldridge operates 180 managed and tenanted pubs throughout the West Country, where countryside restrictions and a drop in tourist numbers have both taken their toll.
In March and February, 19 of its outlets reported a decline in sales because of foot-and-mouth, although a spokesman says only eight are still feeling the pinch.
Announcing the latest half-year results, the company's chief executive, Peter Phillipson, said the quality of the group's pub estate has been "significantly enhanced" in the first half of the year after the disposal during the half of 30 sub-scale pubs and the successful integration of 23 large units acquired last year.
By the end of the financial year, Phillipson said, the board expects average sales to be over £9,500
per pub per week, an increase on the year of nearly 40%.
The group has opened three Toad pubs since September last year, and average turnover for these new Toad pubs is more than £25,000 a week. Phillipson said the group plans to open three further Toad sites in the second half.
The company reported pre-tax profit up 5.2% to £900,000 from £800,000 as turnover rose 21.1% to £31m from £25.6m for the six months.
EBITDA for the half-year grew 27.4% to £4.5m
and basic earnings per share were up by 3.1% to 2.36p.
Ongoing business like-for-like sales were up by 4.7% in the first half and like-for-like house profit was up by 6.6%. Ongoing business operating margin grew to 12.2% from 10.3% in 2000 and ROCE was up to 8.5% from 7.2%. An interim dividend of 2.76p has been declared, up from 2.6p.
Eldridge Pope said the foot-and-mouth outbreak had hurt trading at 19 of its countryside pubs.
Eldridge operates 180 managed and tenanted pubs throughout the West Country, where countryside restrictions and a drop in tourist numbers have both taken their toll.
In March and February, 19 of its outlets reported a decline in sales because of foot-and-mouth, although a spokesman says only eight are still feeling the pinch.
