McMullen's reports 24% profit rise
Turnover increased 3.5% to £60.8m and operating profits were up 23% to £6.9m.
The performance was driven by growth in its managed estate, particularly new acquisitions, where total sales were up 5.8% and like-for-likes up 2.5%, along with lower pub repair costs due to the phasing of its repair programme.
In the 250-strong tenanted estate, like-for-like draught beer and cider sales were down 3% across the 12 months.
McMullen’s re-opened two pubs after refurbishments in the period, the Nag’s Head in Bishop’s Stortford and the Heron on the Lake in Fleet, and both are trading “well ahead of expectations”. Its two central London sites “continued to perform very well”.
Since the period end, McMullen’s has opened another of its high street bar concept Baroosh, in Bishop’s Stortford, with another planned to open before Christmas, in Marlow, which would be the seventh.
