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Profits up at the Capital Pub Company

01 December 2008 by

The Capital Pub Company, which saw a change of chief executive and finance director this summer, has boosted turnover and profit in the first six months of its financial year.

The company, which makes around 80% of its profits from drinks, saw turnover increase 11% in the six months to 27 September 2008 to £10.12m (2207: £9.16m) at its 24 unbranded sites in London.

Pre-tax-profit at the group, excluding the affects of an accounting charge in regards interest rate swaps in the period, was 24% higher at £1.12m (2007: £910,000).

Clive Watson, previously managing director and now chief executive of Capital Pub Company, said: "Whilst we expect 2009 to be a challenging trading environment, the business is well placed to build on this solid start, achieve maximum cost savings and increase our market share through improved service and focus on our customers."

Watson said he was disappointed the Chancellor had increased duty on alcohol to offset the reduction in VAT and that he would welcome an investigation into the role played by supermarkets in retailing alcohol at below cost.

In October Nicholas Collins joined the company as head of finance with a view to becoming finance director in January 2009. He was previously with sandwich shop operator Fuzzy's Grub.

Capital Pub Company floats on Alternative Investment Market>>

Industry fury at alcohol tax hike in Pre-Budget Report>>

Pub openings worth more to Treasury than closures, says ALMR>>

CAMRA warns of ‘bloodbath of pub closures'>>

By Chris Druce

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Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

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