Hertfordshire brewer and pub operator McMullen grew turnover 4% in the year to 26 September to £75.4m.
The company saw like-for-like sales in its retail pubs grow 4.2% during the year and in the current year to date they are up 4.8%, driven by food sales growth of more than 8%. Like-for-like beer and cider sales in its tenanted division were up 2.5%.
Profit before tax and exceptional items for the period was £10.4m - an increase of 12.5% year-on-year.
Chairman, Charles Brims, said: “This is another good performance and was driven, once again, by successful pub acquisitions and refurbishments together with a 4.2% growth in like-for-like sales in our existing retail pubs. Our two new pubs opened in the previous year (the Kingfisher in Camberley and the Prince George in Milton Keynes) and our two existing pubs refurbished that year (the Angels in Hitchin and the Red Lion in Hatfield) all performed well. We are also pleased to have acquired a well-located large London pub, the Lord Moon of the Mall in Whitehall.”
Joint managing director, Tom McMullen, added: “Our Tenanted Division had another good year with like-for-like beer and cider sales up 2.5%. The Company supports and thanks hard-working tenants and returned over 25% of its income earned from beer and cider sales back to its tenants by way of discounts. It was an excellent performance so it was a pleasure to award bonus cheques to a number of tenants who had performed particularly well over the year, with one recipient receiving over £9,000”.
Joint managing director Peter Furness-Smith said: “In this current year, the refurbishments in 2015 at the Millstream, Hitchin, The Queen Victoria, Theydon Bois, The Saracens, Ware and the post-acquisition refurbishment of the Jolly Postie in Royston are overall exceeding our initial expectations. It is also pleasing to report year to date like-for-like sales growth in retail pubs of 4.8% with a continuing strong performance in food sales growth of over 8%. This is only sustainable when customers consistently experience friendly hospitable service and excellent value for money so a special thank you to all our pub teams and their managers for this ongoing performance”.
Brims said: “Looking ahead, we have, subject to the uncertainties of the planning system, several new-build pubs in the pipeline. Our investment in new and existing pubs, combined with the good start to the current year, the development of our new pub and family golf centre at Chadwell Springs and continued investment in people, should ensure continuing success.”