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Mon 2nd Sep 2019 - Robinsons reports record turnover of £75.5m, tenanted like-for-like net income up 4.2%
Robinsons reports record turnover of £75.5m, tenanted like-for-like net income up 4.2%: North west brewer and retailer Robinsons has reported turnover increased 6.1% to a record £75.5m during the year ending 31 December 2018, compared with £71.2m the previous year. Pre-tax profit more than doubled to £7.1m, compared with £3.2m the year before. Robinsons, which operates 255 pubs, inns and hotels, said the success was driven by record investment levels in recent years paying off, solid tenanted pub performance, and the continued progression of its evolving and growing managed house business. Results were boosted by a strong trading performance in all areas of the business and “effective management of costs”. Specifically, sales in its 11-strong managed estate were up 24.7% due to strategic acquisitions and an increased focus on food. The 180-year-old family business added The Seacroft in Treaddur Bay in December, which operates as a managed site. The Four Alls in Caernarfon, which operates as a tenanted pub, and the George III in Penmaenpool near Dolgellau, which were acquired in 2017, have both now benefited from their planned and substantial investments and are trading successfully. Despite disposing of eight pubs during 2018, the 244-strong tenanted estate saw like-for-like net income growth of 4.2% while operating profit grew 4.9% year-on-year. During the financial year, Robinsons completed 19 major customer-facing investments in its tenanted estate, at a cost of £2.2m including The Smoker in Plumley and the Devonshire Arms in Mellor. William Robinson, managing director (pub division), said: “Investment, licensee support and training have been key drivers over the past five years. During that time, we have invested £26.7m of capital expenditure and completed 127 refurbishments. As a result, our tenanted and managed pubs are in extremely good shape, trading well, and are in a strong position to continue to grow sales. While we continue to grow our managed estate, our tenanted pubs remain a key part of our business. Our long-term strategy remains unchanged as we focus on developing our people, growing the quality of our pub estate through selective acquisitions and investment schemes, and creating high-quality beers that our customers love to drink. We have made a steady start to 2019 and are optimistic about the long-term sustainable success of the business.” Managing director (beer division) Oliver Robinson added: “2018 was both challenging and rewarding. We operate in uncertain political and economic times and face increasing costs – rates revaluation, National Living Wage, food inflation, auto enrolment, beer duty inflation and the potential risks and opportunities that Brexit may bring. Furthermore, we operate in an era of national decline in cask beer and more consumers than ever abstaining from alcohol. Nevertheless, we performed well, both in-year and in preparation for the years to come.” 

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