Mixed year for Channel Islands group
The hospitality division of CI Traders, formerly Ann Street Group, had a mixed 12 months to 31 January, with the group's managed pubs in Jersey having a particularly tough time.
CI Traders was created following the merger of Ann Street and Le Riche in October 2002. Its interests include food distribution, retail and financial services businesses, as well as pubs, hotels and restaurants.
The hospitality businesses accounted for about 15% of the group's turnover, or about £43m.
It generated about 32% of CI Traders' operating profit, or £6.2m, a slightly lower operating profit than last year.
The 29 managed pubs in Jersey had a difficult year, as a result of increased competition, a move away from traditional pubs to waterside venues, a downturn in the financial services sector and a decline in tourism.
Like-for-like sales were down by 4.2% and profit was "substantially down".
But the group's 26 tenanted pubs in Jersey performed well, with operating profits ahead of expectations.
The 19 managed pubs in Guernsey saw like-for-like sales ahead by 5.8% and operating profit "substantially ahead" of last year. The 16 tenanted pubs there reported like-for-like profits up by 5%.
The group's 15 restaurants - 10 under the Blubeckers name and five branded as Edwinns - had a mixed year.
Like-for-like sales were ahead by 5% in the first half year and flat in the second half. As a result like-for-like sales for the whole year were 2.8% ahead. Operating profits were down on last year.
During the year two new sites were opened in Sarratt, Hertfordshire, and Hare Hatch, Berkshire.
The group plans to open two to three new sites each year.
Most of the restaurants are in the Home Counties.
Trading at the four-star St Pierre Park hotel in Guernsey was "disappointing", which CI Traders said was "mainly as a result of a reduced number of residential conferences and a poor first half year, resulting in operating profit being 19% behind the same period last year."
Profits at the three-star Greenacres Hotel, which mainly caters for tourists, improved by 30% following the decision to keey the hotel open all year.
The group has three hotels in Guernsey.
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