Wolverhampton & Dudley reports good overall performance

Wolverhampton & Dudley brewery has announced a 12.8% jump in pre-tax profit to £32.6m in the first half of 2005.

The increase is on an 18.7% rise in turnover from £233.9m to £277.6m.

Its healthy results accompanied its announcement that its £46m bid for Jennings brewery had gone through.

"The Jennings estate represents a good geographic fit with our existing business and is consistent with our strategy to develop both organically and through selective acquisitions," said chairman David Thompson.

Like-for-like sales at its managed Pathfinder pubs estate were up 3.1% while the figure rose by 3.2% in its tenanted Union Pub Company division.

The Wolverhampton-based independent brewer also said that the integration of Burtonwood, which it snapped up for £119m in January, was ahead of schedule.

Chief executive Ralph Findlay said: "The group has performed strongly in the first-half of the year. Our ability to integrate acquisitions quickly and effectively has contributed to this good overall performance."

Deutsche Bank analyst Geof Collyer was impressed with the figures. "They are about 5% or 6% ahead of my expectations. It's a resilient business model and shows how pubs haven't necessarily been hit as hard as the high street retail sector," he said.

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