Charles Wells sees FY sales and profits rise
- Full-year net profits leap 24% to GBP7.7m (US$11.7m)
- Net sales in 12 months to end of September rise 2.8% to GBP187m
- Operating profits (EBITDA) up 6% to GBP14.7m
Charles Wells, the UK brewer and pub operator, has said its full-year performance was “in-line with expectations” after reporting an increase in sales and profits.
Net profits in the 12 months to the end of September climbed by 24% to GBP7.7m (US$11.7m), off the back a 2.8% lift in sales, the privately-owned company said. EBITDA in the period was up 6% to GBP14.7m. The results incorporated Wells & Young's Brewing Co, Charles Wells Pub Co and its French pub estate, John Bull Pub Co.
“Our performance this year has been in line with expectations and we have invested for the future through investment in the brewery as well as the pub estates in the UK and France,” said chairman Paul Wells.
The company said the launch of new beers to capitalise on the success of craft brewing – including its collaboration with US brewer Dogfish Head, DNA - had been “successful” without giving further detail. DNA, which was launched in the UK in April 2013, has since been reformulated to increase its “complexity”, a Charles Wells spokesperson told just-drinks in November.
Charles Wells said its wine company, Cockburn & Campbell, enjoyed its third consecutive year of growth with sales up 16%.
Meanwhile, the company confirmed that it will consolidate its brewing and managed pubs units under the single identity of Charles Well Ltd from next month, as first announced last summer.
Pub industry veteran Bob Ivell will also join the group as a non-executive director this month.
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