Spirit Pub raises a glass to fizzing rise in profits as Greene King merger looms
Spirit Pub Company toasted a strong rise in earnings yesterday after it reported a 12 per cent gain in half year profits.
The pubs group, which has 1,211 boozers concentrated in London and the south east, added £3m of pre-tax profits to take the haul for the six months ending 7 March to £25m.
Strong trading in London helped drive a 1.5 per cent rise in like for like sales over the period.
Chief executive Mike Tye said: “Our results reflect the success of our proven, clear and consistent strategy, which continues to deliver value for all our stakeholders.”
Spirit Pubs is set to be merged into larger rival Greene King after both parties agreed to a £774m deal in November last year.
The company, formed in 2011 from a demerger from Punch Taverns, is made of several well known brands including Fayre & Square, Flaming Grill, Taylor Walker and John Barras.
Shares in the FTSE 250-listed group nudged down 0.26 per cent.