Fri 12th Jul 2019 - JW Lees reports record turnover and Ebitda in ‘transformational’ year, managed like-for-likes up 1.9% JW Lees reports record turnover and Ebitda in ‘transformational’ year, managed like-for-likes up 1.9%: North west brewer and retailer JW Lees has reported turnover increased 10.7% to a record £78,385,739 for the year to 31 March 2019, compared with £70,773,078 the previous year. Like-for-like sales in the 39-strong managed estate were up 1.9% with total sales in the division growing 14.2% as it saw the benefit of recent acquisitions and refurbishments. The 103-strong Pub Partnership estate saw like-for-like net income growth of 2.1% with average Ebitda per pub up 4.5%, reflecting the improved quality of its pubs, which are now all on a strict five-year refurbishment cycle. Underlying Ebitda was up 41.8% to a company record of £10.3m, compared with £7.3m the previous year. Group operating profit increased 59.8% to £7.2m, compared with £4.5m the year before, with pre-tax profit up 51.1% to £6.8m, compared with £4.5m the previous year. During the year the company invested £5.5m in capital expenditure; compared with £15.5m the year before and includes the acquisition at the end of March of The Goshawk in Mouldsworth, Cheshire. During the year the company completed its investment in the new Boilerhouse small-batch brewery, which is already operating at full capacity and is allowing the company to brew ten-barrel brews. Since the year-end, JW Lees has exchanged contracts with Redrow Homes and been granted planning permission for a new-build site at Woodford Garden Village. Tony Spencer retired at the company’s annual general meeting today (Friday, 12 July) as director of operations – hotels and inns after four years with JW Lees and has been succeeded by David Grosfils. Meanwhile, Mission Mars founder Roy Ellis has stepped down as an external advisor after five years and has been succeeded by solicitor Jim Tully, a partner at Manchester law firm Slater Heelis. JW Lees managing director William Lees-Jones said: “We always planned for 2019 to be a great year for JW Lees after two years of significant capex and associated closures of larger properties such as the Alderley Edge Hotel. We remain totally committed to our model of running managed houses, pub partnerships and free trade and have now grown our hotels and inns business to 291 bedrooms. We are encouraged to report JW Lees beer volumes increased by 2.3% and we are looking forward to more beer innovation through our new small-batch brewery, The Boilerhouse. We also hope the government will listen to concerns that brewers such as JW Lees have raised about the need to reform Progressive Beer Duty to allow brewers like us to compete on a fair playing field in the free market. Our strategy remains unchanged and we will continue to grow JW Lees, with the brewery at the heart of the business, developing our people to be the best that they can be and growing the business in a balanced manner adding new hotels, inns and pubs to our estate. We have had a slow start to 2019, with retail sales down 1.2% in the first 14 weeks of the year but it was always going to be tough going compared with last summer’s heatwave and the optimism Gareth Southgate and the England team inspired by getting to the semi-finals of the World Cup in Russia.” Alongside its 142 pubs, inns and hotels, JW Lees operates a growing free trade and national accounts business.