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| Maclay Inns reports profits up a fifth |
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Maclay Inns today, 1st April 2010, reports profits up a fifth. Scottish pub operator says cost cutting helped boost its numbers.
Maclay Inns, the Scottish pub operator, said keeping a tight rein on costs helped it boost operating profits in 2009 by nearly 20 per cent. The Alloa-based group, which runs 26 managed pubs across Scotland, said like-for-like turnover for the year to 3 October 2009, rose two per cent to £10.6m. Operating profits rose 19 per cent to £740,000 thanks to what it called its "effective management of margins and expenses and its commitment to providing customers with a quality yet affordable food and drink offering". Steve Mallon, Managing Director of Maclay Inns, said: "2009 was a difficult year for the trade in Scotland. Fragile demand due to the recession made turnover growth difficult to achieve. "Underlying pressure on costs added further challenges to profits, however the team at Maclay Inns responded magnificently and delivered sales growth and cost reductions." Mallon said the outlook for 2010 remained challenging, but confidence was rising. "We anticipate a good year ahead of us. Investment in the estate is also scheduled in the year ahead with up to five acquisitions planned which will enhance earnings in future years." As well as its own pubs, Maclay Inns also manages sites owned by a number of Enterprise Investment Scheme companies including Thistle Pubco II plc, which is currently raising a further £1.7m of capital with the assistance of Cenkos plc to finance further pub acquisitions. |
