Sell-off pushes down turnover at Wolverhampton & Dudley
The number of pubs sold by Wolverhampton & Dudley Breweries (W&DB) caused turnover to drop in the first part of 2002, the group said this week.
In the six months to 30 March, turnover fell by 12.1% to £250m, compared with £284.4m for the same period in 2001. Pre-tax profit increased by 54.6% to £24.9m, compared with £16.1m in 2001. Taking into account exceptionals of £10.5m in the first half of last year, pre-tax profit dipped by 6.4% during the period.
W&DB said the decline in turnover was caused by the sale of 76 pubs in the last financial year and a further 64 this year. The group has withdrawn from sale its high-profile Pitcher & Piano chain, which did not attract the offers it had hoped for.
Trading within the group's managed pub estate of 598 pubs was lower than last year, the group said, caused by the transfer of 206 pubs to its tenanted estate and the sale of 50 high-street pubs in September 2001.
W&DB said that growth in its food sales had been a "significant contributing factor" to the progress of its managed pubs, with total like-for-like food sales increasing by 9.5%. Food now accounts for 25% of all sales in the group's managed pubs, it said, increasing to 30% in its Bostin Local pubs and 59% at its larger Service That Suits Me pubs.
