Strong summer sales boost Spirit's outlook

03 September 2014 by
Strong summer sales boost Spirit's outlook

Spirit Pub Company has enjoyed a "strong performance" over the summer contributing to a 4.4% growth in sales in its managed pubs for the 52 weeks to 16 August 2014.

In an interim management statement, the pub group, which includes the Taylor Walker brand, said that in the 52 weeks to mid-August, like for like food sales were up 4.1% and drink sales up 4.5%.

During the period it acquired 11 pubs in its managed division.

In its leased pubs, Spirit saw a 2.8% rise in net turnover over the 52 weeks, and a 4.2% increase in net income.

Chief executive Mike Tye said: "We are pleased with our strong performance in the quarter, particularly when compared with the good summer weather last year. Both the managed estate and the leased estate have outperformed their respective markets.

"While the market still remains challenging, the strategy we have put in place continues to deliver consistently solid results through investment in our brands, estate, infrastructure and people. We remain confident in the long-term outlook for the business and expect full year results to be ahead of market expectations."

Spirit has more than 750 managed pubs and around 450 leased properties.

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