The pub group said the continued strength of drink sales demonstrated the resilience of its community pub estate in spite of the economic environment. In addition to strong drink sales, it said the gap between drinks and food sales was narrowing.
The pub operator noted that the majority of profit is typically earned in the second half and that it had invested well to benefit from the summer weather.
Fixed energy and gas costs over the next few years will also help the firm manage inflationary pressures.
While
Chief executive
Despite the optimism, shares fell yesterday to close down over six per cent on the news the firm had taken an around £35m hit from interest swap movements recently.
(c) 2023 City A.M., source