Stonegate reports positive end-of-year results

Claire Dodd

Claire Dodd

26 January 2016

Stonegate has announced it grew its sales by 1.2% in the 52 weeks to 27 September 2015, while its like-for-like gross margin grew by 3%.

Like-for-like pub profit showed a much larger increase, at 10.8%. The results come in the financial year it acquired 15 sites from the former Maclay Inns, back in June. The company reported investing in 103 sites in total during this period. It also disposed of or closed 18 sites during the trading year.

In its trading statement, the company said: '[The results are] reflective of the fact that we have focused on driving profit in the business rather than chasing unprofitable sales, this combined with operational gearing improvement centred on pricing and labour efficiencies has resulted in +16.6% adjusted EBITDA growth for the 52 weeks to 27 September 2015. Our investment programme continues to drive organic profit growth with the three-year blended return on investment remaining above 40%.'

Stonegate went on to add that strong trading was focused on pay-day weekends, bank holidays and key sporting events. Its former Bramwell, Common Room and Classic Inns sites saw the strongest returns.

In late September, Stonegate acquired 53 sites from the Tattershall Castle Group (TCG), including 37 freehold and 16 leasehold sites bringing the total trading estate to 665 at 29 September 2015. Most recently it invested in new nightclub Luna on Croydon’s High Street.

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