Batemans, the Lincolnshire brewer and pub operator, saw pre-tax profits slide 29.9% to £168,135 in the 12 months to 31 January 2014 in what it called “another challenging year”.
The company experienced a 21% fall in profit after tax, which it attributed to “the continuing move within tenanted pubs towards free trade pricing and the testing and development of managed house operating procedures”.
However, turnover rose 4.9% to £16.2m and gross margin increased by 6.7% to £4.9m. Employment costs as a percentage of turnover grew from 15% to 15.6% and the company’s net asset value rose by 1% to £9.9m.
Operating profit fell from £337,720 to £200,038.
As with 2013, directors did not recommend a final dividend in the year. An interim dividend of £24,000 and preference dividends of £31,411 were approved and paid during the year - both sums were unchanged on 2013.
