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Sat 13th Jun 2015 - Timothy Taylor double profits after managed rationalisation
Timothy Taylor double profits after managed rationalisation: Keighley brewer and retailer Timothy Taylor, which famously brews Madonna’s favorite cask ale, Landlord, has reported profit almost doubled in the year to 30 September 2014 after its rationalisation of its managed estate. Pre-tax profit was £2,387,722, virtually double the £1,225,673 achieved the year before. The increased profit was achieved despite turnover dropping to £19,532,789 compared to £21,876,538 in the year prior. The company stated: “Overall profit before tax was nearly £2.4m, virtually double last year’s £1.2m profit, though last year was adversely affected by a £900,000 exceptional item in relation to the rationalisation of the managed estate. The performance from our rebalanced pub estate has exceeded our expectations. The outlets that transferred from managed to tenancy have all performed well, as did the two remaining managed houses. All of this (was) achieved with a lower turnover base, so the smaller pub estate is more profitable despite the loss of over £2m of retail turnover. Our beer brands have also performed well this year, particularly during the second half when overall barrelage grew by 5% compared to 2013. This was helped by continuing strong bottle sales, the benefit to Yorkshire from the Tour de France and the boost in August and September from Boltmaker winning Supreme Champion Beer of Britain.” The company added: “The distortion of Progressive Beer Duty relief for small producers continues to tilt the playing field in favour of microbreweries.” The company’s head-count reduced to 109 in the year from 183 the year before, with the number of staff employed by its retail division amounting to 48, a reduction of 72 after managed pubs were move to tenancies. Dividends of £323,920 (2013: £161,960) were paid to shareholders who were also directors.

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