Greenalls defies hotel downturn
Thursday 10 December 1992
Group pre-tax profits rose by pounds 300,000 to pounds 64.4m in the year to 30 September. Operating profits from pubs, which contribute 70 per cent of group earnings, rose by 6.1 per cent to pounds 47.5m.
Greenalls spent pounds 10m buying 39 pubs from Allied-Lyons, pursuing its goal of becoming a national leisure group, not a regional brewer. Beer volumes continued to fall, but turnover of food sold in pubs was up by 10 per cent.
The deal with Allied-Lyons extended its estate beyond the north of England and the Midlands to the northern Home Counties.
Improving facilities at Premier House, the catering inns and restaurants firm, cost pounds 16m. Andrew Thomas, chairman and chief executive, said like-for-like sales at Miller's Kitchen, one of Premier House's most important businesses, were up 15 per cent. Room rates had held at pounds 26.
A 33.5 per cent rise to pounds 4.5m in operating profits from off-licences included eight months' contribution from the 187 Blayneys shops bought in last year. Mr Thomas said turnover would be flat if stripped of that acquisition.
This year's Ryder Cup golf tournament, to be held at the Belfry, may boost De Vere, the luxury hotels business, where room rates fell by 7.6 per cent and operating profit by 8 per cent. 'We're prepared to cut the room rate at, say, the Belfry on a Sunday night,' Mr Thomas said. 'The guest will buy dinner, drinks and he may even buy a load of golf sweaters from the shop.'
Fully diluted earnings per share were 28.2p, up by 7.6 per cent. The 11.8p dividend was up by 7 per cent. Year-end borrowings were pounds 209m. They fell to pounds 123m after the rights issue. Pro forma gearing is 14.5 per cent. A reduction in the value of the group's six US hotels, which are up for sale, led to a pounds 14.9m extraordinary charge.
The shares rose 5p to 359p before slipping to 346p at the close.
- 1 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 2 Google April Fools': company unveils backwards search engine and huggable digital assistant
- 3 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 4 April Fools' Day 2015: The best hoax news stories from around the internet
- 5 Gamers confess the worst things they've done in The Sims
Holborn fire: Chaos as 2,000 people evacuated to escape toxic smoke filling central London
University of Cambridge: Remains of 1,300 scholars are found under building
April Fools' Day 2015: The best hoax news stories from around the internet
April Fools' Day 2015 live: The best pranks and fake stories from around the world
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
Katie Hopkins reported to the police for race hatred by Labour MP Simon Danczuk after tweet about Pakistani men
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...