Belhaven unveils 31.4 per cent profits jump

The Belhaven Group has unveiled a 31.4 per cent jump in pre-tax profits to £14.2m for the year to April, propelled by the addition of 42 pubs.

This fast-paced acquisition has seen the Scottish brewer and pub operator swell its estate to 226. Following a rights issue earlier this year, when it raised £29m, it plans to grow its estate to 300 by 2006.

Belhaven added 25 pubs to its the managed division, taking profits up 35.7 per cent from £6.21m to £8.43m, on sales up 36.5 per cent to £33.5m.

Chief executive Stuart Ross (pictured)​ said although clearly managed-pub profit growth was driven by expansion it was also achieved by an "excellent conversion rate of 25.1 per cent" - for every £1 its managed houses take, 25p drops through to profit.

The group added 19 leased pubs to take the arm to 116 pubs. Sales were up 26.2 per cent to £10.7m. Profits were up 29.6 per cent to £5.8m.

In Belhaven Drinks, overall volumes increased by 12.4 per cent, excluding contract bottling, which increased by 88 per cent. Sales of flagship brew Belhaven Best, Scotland's most popular draught beer, were up 11.2 per cent.

The company secured new contracts to brew Carlsberg and package Interbrew products.

Belhaven said the new financial year had started well with sales in both Belhaven Pubs and Belhaven Drinks comfortably ahead of the previous year.