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Resilient Performance by Charles Wells

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Resilient Performance by Charles Wells

Resilient Performance by Charles Wells
December 19
10:34 2012

Charles Wells has announced its annual results for the financial year to 29 September 2012, incorporating the performance of Wells & Young’s Brewing Company, Charles Wells Pub Company and John Bull Pub Company. EBITDA increased by 4% to £17.4 million on revenue up £1 million to £189 million. Profit after tax of £6 million was down from £6.6 million the previous year. Whilst the business anticipated a fall in overall profit as the full effect of losing income from Red Stripe and Corona was felt, Wells & Young’s mitigated this decline with the acquisition of the McEwan’s and Younger’s brands in October 2011.

The brewing company now owns 80% of its brands, as opposed to 2005 when the portfolio consisted of 80% licensed brands, and grew owned beers by 2.1% in the financial year. International sales recorded another year of double-digit sales growth and an increased margin growth, up 27.7% on the year. The wine company, Cockburn & Campbell, saw overall sales growth of 6%, with wine volume rising 2.8% in an on trade market declining 5%.

Charles Wells Pub Company bought four high quality sites, integrating them into the estate with minimum disruption as all four licensees already ran other Charles Wells brewery pubs. Turnover decreased by 4.9% but like for like sales were up 1.2%, with EBITDA per pub up 3.8%. The business continued its planned disposal strategy with the sale of 22 pubs.

The John Bull managed house operations in France saw operating profit rise 38%, with EBITDA close to breaking the Eur1 million mark. An eighth pub – The King Arthur in Lyon – was acquired and the company remains on target to achieve an estate of 16 pubs by 2016.

To help achieve the company’s strategic objectives for growth in 2013, Charles Wells has made two new appointments. Justin Phillimore is appointed to the role of Managing Director of Wells & Young’s Brewing Co, the brewing and brands division of the company. Justin Phillimore has been with the company for six years and is moving from his current role as group Finance Director of Charles Wells. He brings strong strategic and international expertise having previously worked for a GE joint venture in a global strategic role and for eight years with Seagram, latterly in Prague as regional Finance Director for Seagram for Central and Eastern Europe.

Andrea Holton joins as HR Director for Charles Wells, overseeing the HR Business Partners across all the company’s trading divisions. Andrea Holton joins from DHL where she was most recently Vice President HR for UK and Ireland.

Paul Wells, Chairman of Charles Wells, comments: “Our performance this year has been in line with expectations and we have invested for the future through acquisition of beer brands and high quality pubs in the UK and France. Our international sales and pub operations have demonstrated that growth is possible at home and overseas, despite the difficulties of the global economy and our wine company has also delivered excellent growth.”

He adds: “It’s good to see that so many licensees who run a Charles Wells brewery pub are outperforming the market and within our core estate we have seen some exceptional achievements. Our support packages have helped us to attract some of the highest calibre licensees and help them be successful in their pub and this has contributed to lifting the average length of tenure over six years.”

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