London still booming for Geronimo Inns
Geronimo Inns, the London multiple operator, said the capital's pub market continued to outshine the rest of the UK, which was still experiencing tough market conditions.
The group, which owns 12 freehold and 16 leasehold pubs located in Central and Greater London, said trading "remained strong despite the macro economic climate".
Cumulative trading in the current financial year up to mid-March was getting near a double-digit increase, it said, after a Christmas and New Year period which saw like-for-like sales up six per cent.
Total turnover - which includes the six pubs the group bought from Punch Taverns - was up nearly 44 per cent to date.
Geronimo's comments came as it announced total turnover for the year to June 30, 2009, up by 26 per cent to £22.3m, with like-for-like sales up five per cent.
Total operating profit rose 47 per cent to £844,400, while earnings before interest, tax, depreciation and amortisation rose 39 per cent to £2.5m.
Rupert Clevely, Geronimo's chief executive, said much of the success of the group was down to its people.
"They remain our greatest asset. We pride ourselves on the quality, entrepreneurialism and the friendliness of our staff and continue to focus on this area as a key part of our trading matrix," he said.
Commenting on Geronimo's future progress Clevely said: "Our strategy remains the same: to continue to grow both organically and through selective acquisition and to imprint our strong culture and excellent operating practices onto pubs that we believe have further potential for operational uplift."
