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Spirit pub co PLC (SPRT)

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Tuesday 19 March, 2013

Spirit pub co PLC

Spirit Pub Company plc - Trading Update

RNS Number : 2721A
Spirit Pub Company PLC
19 March 2013
 



19th March 2013

 

Press Release

Spirit Pub Company plc

 


Trading Update for the 8 weeks to 2nd March 2013

 

Spirit Pub Company ("Spirit") today issues an update on current trading.

Spirit's interim results for the 28 weeks ended 2nd March 2013 will be announced on 25th April 2013.

 

Highlights

 

·      Trading impacted by recent adverse weather

·      Formation of Local Pubs division within Managed estate

·      Leased estate quality improving through investment and disposal of pubs with limited future potential

·      On track to deliver full year expectations

Managed


8 weeks to 2nd March 2013

28 weeks to 2nd March 2013

Like-for-like Net Sales

-1.1%

+1.4%

Like-for-like Food Sales

-0.3%

+2.3%

Like-for-like Drink Sales

-3.4%

-0.8%

 

Trading conditions were very challenging during the period as a result of the snowfall in January and prolonged cold weather in the second half of February which compared to an unusually dry and mild winter in the prior year. Despite the recent sales decline we continue to outperform the market1.

 

We have now invested in 50 pubs in the year to date, mainly in our John Barras and Fayre & Square brands. Following a review of our brand portfolio, our community and high street pubs have been combined in a new Local Pubs division. These pubs share a similar guest base and will be predominantly branded as John Barras, with the Original Pub company brand no longer used.

 

1 Source: Coffer Peach Business Tracker

Leased


8 weeks to 2nd March 2013

28 weeks to 2nd March 2013

Like-for-like Net Turnover

-2.7%

-1.9%

Like-for-like Net Income

-4.2%

-2.9%

Our Leased estate was similarly impacted by the challenging weather comparatives. We continue to focus on our innovation trials and enabling our licensees to improve performance through sharing our retail expertise and investing in our estate with 38 investments completed in the year to date. We are also making good progress disposing of pubs that have limited future potential with a further 12 pubs sold in the period taking the number sold to 20 in the year to date and to 72 in the last twelve months. Proceeds remain in line with book value.

 

Mike Tye, Chief Executive, commented:

"Recent trading has been impacted by adverse weather conditions and, with the consumer environment remaining challenging, we are redoubling our efforts to improve the retail offer in all areas of our business to give our guests more compelling reasons to visit our pubs. We remain confident of delivering full year expectations."

ENQUIRIES

 

Spirit Pub Company plc

Tel: 01283 498 158

Matt Worster


Brunswick Group LLP

Tel: 0207 404 5959

Kim Fletcher

Natalia Dyett



 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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