Profits double at Pubs 'n' Bars
Pubs 'n' Bars, the AIM quoted community pub owner and operator, has reported a 107% increase in profit before tax to £1.025m for the year to 31 December 2007.
But the operator warned that the smoking ban had taken its toll on the estate.
Revenues at the company increased by 30% to £19.9m following the acquisition of Moorgate London, Community Taverns and Moorgate Taverns.
Pubs 'n' Bars now operates 106 pubs in total.
"I am pleased to report a good set of results achieved under challenging conditions including the indoor smoking ban, cheap supermarket alcohol and rising duties on beer, wine and spirits," said chairman Seamus Murphy.
"We are confident that our community-driven pub business model will remain robust at a time when consumers are more cautious with their leisure spend."
But Murphy added: "Since the beginning of the smoking ban, and despite our preparations, we have seen a fall in like for like revenues of 5%, and we believe the majority of this is directly attributable to the ban.
"Current trading continues to be affected by both the smoking ban and the well-publicised credit squeeze leading to customer belt tightening on discretionary spending, including leisure activities.
"First quarter turnover was below budget by approximately 2% mainly due to the full effect of the smoking ban taking hold in the winter months and an early and snowy Easter leading to lower than expected sales during the holiday."
