Wolverhampton & Dudley annouce 30% profits
The brewer Wolverhampton & Dudley this morning announced an increase of annual pre-tax profit of 29.5% to £65m, on turnover up 44.1% to £598.8m in the year ending 30 September.
The big increase in turnover is a result of the purchase of Marston's and Mansfield breweries in 1999.
In a busy year for Wolverhampton & Dudley, the company also sold 480 pubs for £81m and fended off a takeover bid from Robert Breare's company, Noble House Leisure. Noble House bid £470m(50p a share) for the brewer in August.
Despite the hefty increase in turnover and profits for Wolverhampton, like for like sales were 1.1% down on last year.
But managing director David Thompson was upbeat about the figures. He said the group had concentrated on improving profit, cutting debt and integrating Marston's and Mansfield into the company.
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