Wellington Pub Company, the c.800-strong pub estate owned by the Reuben Brothers and managed by Criterion Asset Management, has reported a full-year pre-tax profit of £9.559m, against a loss of £5.69m in the previous year. Turnover slipped from £30.3m to £28.23m in the year ending 31 March 2011, which the group said was due to the “current economic climate”. The company’s estate was valued at £469.26m during the year, meaning its pubs were worth on average £576,875, with average rent at £34,700. The group said its disposal strategy remains to sell bottom end and/or problem properties and those that have a higher alternative use value. During the year, it sold underperforming pubs and acquired “some better quality pubs”, which generated a net profit of approximately £450,000. In accounts filed at Companies House, the group’s directors said that it was their view that “asset values have increased since the year end” but had chosen “for prudence measures, not to make any adjustments to the asset valuations”. In a further update to bondholders for the three months to the end of June 2011, the group’s annualised Ebitda stood at £20.6m. At the quarter end its estate comprised 813 pubs, two properties fewer than the previous quarter. It said that its estate was producing an annual income of £28m, which is 2.8% below last year, while the average level of rental uplift achieved at review in the year was 5.8%. All but 94 of its pubs (11.5% of its estate) are let on a long lease. During the three months to 30 June, 10 properties were re-let on a long lease and there were 13 lease forfeitures. It said that following bond payments, it retained c.£11m of cash on deposit.