The UK’s largest independent brewer Wolverhampton & Dudley Breweries saw its profit before tax, goodwill amortization and exceptional items fall in the 26 weeks to March 29, compared to the same periods last year.
Profit before taxation, goodwill amortization and exceptional items reached £30.1m, down from £31.3m last year.
However the company said that recent trading has been satisfactory. Like-for-like sales across all of the managed houses within Pathfinder Pubs increased by 3.2% in the 33 weeks to 17 May 2003. Like-for-like sales in The Union Pub Company were 2.1% ahead of last year for the same period, the company said in a statement.
W&D said that a good trading performance during March and April was helped by fine weather. “Notwithstanding the uncertain economic climate, the board is confident in the prospects for the full year,” the statement said.
This performance was achieved, W&D said, the challenging operating environment.
W&D said it would look to use cash generated by its business to enhance shareholder value, either by buying back shares, by continuing to invest in the businesses, or by making selective acquisitions.
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“Although consumer confidence remains relatively fragile, the company believes that the clarity of its strategy gives it the right business mix and the right approach for current markets,” W&D said.
