Hardys turn in annual growth.
Brewer and pubs group Hardys & Hansons toasted expansion yesterday after seeing half-year profits rise 11 per cent.
The group which runs 85 managed pubs and owns more than 170 tenanted houses across the East Midlands The East Midlands is one of the regions of England and consists of most of the eastern half of the traditional region of the Midlands. It consists of the combined area of Derbyshire, Leicestershire, Rutland, Northamptonshire, Nottinghamshire and most of Lincolnshire. , made operating profits of pounds 6.2 million on turnover of pounds 33.7 million in the six months to April 4.
Growth was driven by solid like-for-like sales Like-for-Like Sales
The portion of current sales achieved through activities that are comparable to the activities of the previous year.
Using like-for-like sales is a method of valuation that attempts to exclude any effects of expansion, acquisition, or other increases and margin improvements although the later Easter this year had a slight impact on the figures - with last year's earlier holiday boosting first half profits.
A capital investment programme over the last two years has seen a number of new sites added to the group's portfolio as well as upgrading existing pubs.
The Nottingham-based company said the investment had translated into significant profit increases ahead of its expectations.
Meanwhile the beers operation, which runs the Kimberley brewery Kimberley Brewery, Hardys & Hansons
As one of the oldest brewers in the country, Hardys & Hansons heritage dates back to 1832.
Samuel Robinson opened the first commercial brewery in Kimberley,in a rented bake-house using water from the Alley in Nottingham, saw strong volume growth for seasonal cask ales. Contract brewing output was also well ahead of the same period last year with new products coming on stream. Hardys now produces three beers for two major brewers.
And the firm's newest product, Olde Trip, which is named after the oldest pub in England, the twelfth century Ye Olde Trip to Jerusalem Ye Olde Trip To Jerusalem is one of the 20 public houses (including three in Nottingham) which claim to be the oldest drinking establishment in Great Britain. Its painted sign states that it was established in 1189 AD. in Nottingham, has seen encouraging sales since its launch in April.
Bottom line pre-tax profits jumped from pounds 6 million to pounds 10.6 million but stripping out the benefits from the sale of a piece of land near the brewery for development, the figure was pounds 6.4 million.
The interim dividend is increased by 12 per cent to 6.60p.