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Thu 11th Sep 2014 - Peach Ebitda dip in consolidation year |
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Peach Ebitda dip in consolidation year: Peach Pub Company, led by Hamish Stoddart and Lee Cash, has reported Ebitda dipped to £1,280,234 (2012: £1,540,552) in the year to 29 December 2013. Turnover rose 6% to £20.5m (2012: £19.3m) and pre-tax profit before exceptional costs was £422,673 (2012: £375,128) Group normal operations Ebitda was ££2,086,357 (2012: £1,540,552). Sales growth was primarily a result of reporting full-year operations for one more pub, plus one pub that was newly-opened, less the closure of the Almanack in Leicester. Peach described the period “as another difficult trading period across the industry although the picture was an improvement on 2012.” Of the current year, the company said: “2014 has proved great so far – we are ahead of the industry on like-for-like an the improvement on profit in the early part of the year is significant.” The company stated: “2013 was really a year of consolidation for Peach. We didn’t stop going forward but we did start the process of getting ready to grow to 22 pubs or £30m turnover and 800 employees. We cleared out a poorly trading pub in Leicester. We re-wrote and redeveloped all our training and learning systems that had been in place since 2004. A bespoke e-learning program “PeachTeach” allows us to deliver Peach content in video and tests - and all these developed in-house. We invested in business intelligence to ensure that we know what’s going on in a large number of pubs. It has improved discipline and controls. The system will also drive our understanding of our guests use of our pubs. The first quarter was adversely affected by the snow and the weak economy but as the weather improved trading improved and by the end of the year the group was trading ahead of the plan and sales were showing strong like-for-like growth.” The company had a number of one-off costs in 2013, including the £379,527 cost of closing the Almanack in Leicester. The company stated: “This was one of our biggest investments in 2010 aimed at entering the retail centre market. We aimed to minimize our loss by trading for three years and have learnt a considerable amount from the experience and intend to focus on our prime market.” The company also invested £228,706 in central costs to support operations. It stated: “Peach is constantly investing in developing our world class innovative pubs, product and systems. This represents our investment in the centre for growth, over and above standard central management charges which cover the normal cost of managing pubs.” Profit-related remuneration paid to group and subsidiary directors totaled £124,787 (2012: £130,609). “Directors are salaried at moderate levels and the majority of potential directors earnings are based on profits and only payable if cash is available,” the company stated.
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