Sat 4th Oct 2014 - Results: G1 Group, Spudulike, Heineken UK, Wellington G1 Group reports turnover and profit up, major acquisition: G1 Group, Scotland’s largest independent managed operator, which is led and controlled by Stefan King, has reported pre-tax profit of  £11.21m in the year to 31 March 2014, up 3% from £10.87m the year before. Turnover grew 1.5% to £67.35m from £66.32m the year before. Ebitda was up by £900,000 to £17.2m. Chairman Brian McGhee has reported that acquisition activity is now picking up for the company with “a number of transactions in the pipeline”. Last month, the company bought four restaurants in St Andrew to add to its existing three there, plus a site in Stirling at a cost of “in excess of £2m”. McGhee said: “The incidence of new development projects has increased in the current financial year. These have included the installation of the UK’s first regional IMAX screen at the playhouse in Perth. Perth has also seen the launch of City Cafe at the playhouse, together with Harry’s nearby, a quirky family-oriented restaurant with a superb children’s soft play area appropriately named The Little Playhouse. Glasgow’s West End has also seen the launch of Hyndland Fox, which has traded well since it opened in May 2014. Consistent with [our] approach to achieving a balanced spread of risk, the group is engaged in two retail developments for which Sainsbury and Tesco will be the key tenants. The group was also heavily involved in the development of restaurant and bar facilities to complement the craft brewery at Drygate Brewery in Glasgow’s East End.” McGhee reported that the Commonwealth Games had brought strong trading for operations in central Glasgow with “both England and South Africa using G1 venues as their headquarters”. He said: “Many medal-winning athletes chose to celebrate at G1 outlets, and Corinthian in particular played host to many celebrities, including Sir Steve Redgrave, Dame Kelly Holmes and Prince Albert of Monaco.” Of 2013, McGhee said: “G1 has continued to show growth in turnover and profitability, though the impact of market caution and of a series of refurbishments (and hence periods of closure) have been a restraining influence in 2013/14 growth, with benefits expected to show through in 2014/2015.” Group net assets increased by £5.9m to £45.7m at 31 March 2014. A total of £6.63m was invested to “maintain estate integrity” and £4.25m was invested in acquiring new properties in the most recent financial year. Group net debt remained unchanged at £78.1m (2013: £78m).   Spudulike reports like-for-like growth after deepening losses: The baked potato brand Spudulike, which was founded in 1974 and was owned for a short while by the British School of Motoring, has reported pre-tax losses increased to £733,500 in the year to 2 January 2014, from £285,000 the year before. Turnover dropped 4.6% to £14.94m from £15.66m the year before. Spudulike said: : “The company experienced record high commodity prices as a result of adverse weather conditions in 2012. These costs impacted heavily on gross profit margin. Following the more favourable recent weather conditions this season, commodity prices have now fallen to more normal levels, and we will see the benefit of this in 2014. Actions taken in the course of 2013 and the start of 2014 have started to generate returns and the company is now experiencing like-for-like sales growth across the estate.”   Heineken UK reports robust performance from brands, lower operating profits for 2013: Heineken UK increased turnover by £533.7m in the year to 31 December 2013 to reach £2.08bn. Overall operating profit for the year fell to £10.6m from £73.2m. The company said: “The reduction was driven by higher operating costs, primarily a non-recurring provision charge of £35.2m with respect to a reorganisation of our supply chain and business support capabilities.” Heineken UK made a loss before tax of £45.8m, a turnaround from a profit of £20.2m the year before. However, it reported a very strong performance from its major brands. It said: “One of our core principles is to make cider and beer that people love. We brought this principle to life during 2013 through our brands performance, whilst still operating within an environment, which continues to be challenging. Within the cider category, Bulmers grew both volume, market share and revenue per hectolitre, whilst Strongbow penetration increased, double that of the overall cider category. Within the off-trade, Strongbow market share increased whilst the on-trade market share decreased to a significantly lower level. Strongbow Dark Fruit was the biggest innovation in the UK in 2013 across all categories, outperforming our volume targets. The Foster’s brand equity remains the highest, with lower levels of investment. Overall, Foster’s outperformed competitors in mainstream beer, leading to competitive pressures on pricing, particularly on draught. All our premium beer brands grew market share during the year. Desperados, Sol and Heineken were the top three fastest-growing premium packaged lager brands within the UK during 2013.”   Wellington reports 40% profit increase: Wellington Pub Company, the UK’s largest free-of-tie pub operator, with around 800 pubs, has reported pre-tax profit rose 40% to £9.42m in the year to 31 March 2014, up from £6.73m the year before. Turnover fell to £26.83m from £2.21m in 2013. Operating profit was £19.84m, up 12.7% compared to £17.6m the year before. A dividend of £4.17m was paid, up 16.8% compared to £3.57m the year before.