SFI doubles profits
Pubs and bars group SFI nearly doubled its profits and turnover in the six months to 18 November 2000, while like-for-like sales were up by 7%.
Turnover rose by 91% to £45.3m, up from £23.8m in 1999, and re-tax profits increased by 99% to £6.2m, from £3.1m in 1999.
The increases came as a result of the acquisition of the Slug and Lettuce chain in August, combined with organic sales growth and new openings.
Towards the end of the six months, SFI also bought seven outlets from Capital Bars, including two Tex-Mex-style Break for the Border restaurants in London.
SFI executive chairman Tony Hill put the strong results down to the group's "having distanced itself from the mainstream pub market" to concentrate on large, town-centre "high-street bars" offering a mix of food, drink and entertainment.
During the financial year to date, SFI has opened 16 new Bar Med or Litten Tree outlets and one Slug and Lettuce. It plans to have 25 open by the end of its financial year in June.
Its total number of outlets now stands at 136, after the disposal of eight "non-core" pubs. Said Hill: "Some further rationalisation can be expected."
SFI also reported strong trading over Christmas and New Year, with a percentage increase in like-for-like sales in double figures. Total net sales over the 35-day period were £15m.
Hill said the company's plan now was to "identify opportunities in the key conurbations where the largest mass of sales volume is located, and gain a significant share of each local market."
