Admiral Taverns reports growth in turnover and Ebitda: Admiral Taverns has reported growth in turnover and Ebitda for the year ending 28 May 2016. Turnover was up 1.7% to £69.5m, compared with £68.4m in 2015. Underlying Ebitda was up 1.3% to £25.2m (2015: £24.9m), while underlying profit after tax was up 11.7% to £12.8m (2015: £11.5m). Like-for-like income and Ebitda for Admiral’s retained estate were both up 1.3%. Admiral acquired 111 pubs from Star Pubs & Bars in October 2014, with those pubs generating double-digit Ebitda growth in the second half of the financial year (immediately following the first anniversary of Admiral’s ownership) driven by investment and the development of effective working relationships with our new licensees, the company said. Admiral said the impact of the acquisition on the group’s Ebitda performance in the current financial year was to “add an incremental £1.3m of Ebitda (up to the anniversary of the acquisition) and in the full year ending May 2016 Ebitda for this estate was £3.6m”. It added: “This successful acquisition provides us with a high level of confidence in our ability to grow the Admiral business as suitable acquisition opportunities present themselves. Our strong balance sheet enables us to seek acquisitions and, as part of this strategy, we will consider acquiring portfolios of pubs as well as individual sites.” During the period the group disposed of 49 properties. The company said the disposal plan was “almost complete”, with 52 pubs remaining that are earmarked for disposal. Chief executive Kevin Georgel said: “Our strategy remains unapologetically consistent, enabling us to navigate the challenges presented to the industry by the Pubs Code and volatile market conditions and I would like to thank all of our licensees and the Admiral team for their hard work, dedication and entrepreneurship. We remain passionately committed to being the UK’s best operator of wet-led community pubs and firmly believe in the enduring qualities of the supported tied tenanted business model. We are focused on developing an estate of sustainable, well-invested pubs that sit at the heart of their local communities, operated by individuals with an entrepreneurial spirit and a passion for their business. Admiral is in good health. We look forward with confidence, we have a strong balance sheet, and we are well placed to pursue other strategic opportunities as and when they arise.”