Old Monk reports exalted profits

Pub group the Old Monk Company increased its turnover by more than 70% last year in the six months to 30 October 1999.

It reported pre-tax profits for the half-year up 69% to £361,000, compared with £214,000 in 1998, on sales up 71% to £8.2m from £4.78m in 1998. Operating profit increased by 59% to £644,000 (1998: £404,000).

During the period eight pubs and bars opened, taking the company's estate from 24 to 32.

Old Monk owns modern pub-bars, Springbok sports bars aimed at young drinkers and traditional pub-restaurants.

Four Old Monk bars opened in Leeds, Rotherham and London. The group also opened a coffee shop attached to the Springbok bar in London's Covent Garden and a Springbok bar in Leeds. It bought two pub restaurants, the Carrington Arms in Buckinghamshire and the White Horse in Hertfordshire.

Chairman Gerry Martin said: "Trading conditions since the year-end have been very encouraging."