Harveys, the East Sussex brewer and pub operator, saw operating profits grow 13% to £295,405 in 2013 after it achieved savings in “various areas of expenditure”.
Turnover was flat, up less than 0.25% to £18.4m. Pre-tax profits rose 64.9% to £3.6m after a profit of £1.1m was made on the disposal of a redundant storage facility and a pub.
“It is intended that the cash realised from the disposal will be reinvested in additional freehold property sites as and when suitable opportunities arise,” the company said.
Earnings per share increased from 34.7p to 39.7p.
Harveys, which has c50 pubs, grew its rental income in the year, less expenses, from £309,203 to £354,249, with other income up from £10,443 to £27,739.
Employment costs increased by 8.1% to £3.4m as average staff numbers grew from 76 to 86.
