Whiting & Hammond, the pub group led by Brian Whiting, has reported a 26% rise in pre-tax profit to £280,087 in the year to 30 September 2013, which it attributed to having no one-off start-up costs for new pubs, “coupled with tight control of both margins and staffing costs”.
Turnover grew 12% to £9.2m as a result of its most recent acquisition “achieving rapid growth”, combined with the “continued strength” of its existing pubs. Operating profit grew from £219,308 to £275,297.
The company described the period as one of consolidation, with no new pub acquisitions.
Whiting & Hammond, which opened its eighth site, the Kings Head in Sevenoaks in March with Punch Taverns, said: “Looking to the future, trading conditions continue to be challenging but the directors remain optimistic regarding the opportunities for future growth.
“The company is looking to invest in new pubs and the next one is due to open in early 2014.
“We will also be looking to the Government to help with the burden of high taxes on the pub industry and would welcome a reduction in business rates and VAT. With this help we would be able to speed up the growth of the company and employ more people. Each new site generates employment for more than 35 people and benefits the local economy.”
Staff costs in the year grew from £3,1m to £3.5m. Capex was £58,000 (2012: £294,000).
