Profits fall at Robinsons as brewer continues to invest

Profits fall at Robinsons as brewer continues to invest

Robinsons Brewery has increased its turnover during the year ending 31 December 2017 by 4.2% to £71.2m. Profit before tax fell by 19% to £3.1m.

The brewer, which owns over 260 pubs, saw strong sales with further managed house openings and full year trading of recently invested sites, coupled with higher overall operating costs and record levels of investment in tenanted and managed pub estates. As a result, operating profits have reduced to £1.2m (£2.6m in 2016).

In line with its strategy, Robinsons has continued to invest heavily in the refurbishment of both its tenanted and managed estates, spending around £9.7m in 2017 on capital expenditure to improve the look, feel and longevity of its pubs. In 2017, Robinsons completed the disposal of 27 pubs and carried out significant investments at 31 pubs, resulting in a transformed pub estate.

“During the year, we substantially completed our disposal programme, which has created a strong platform from which we can invest for the future,” says William Robinson, managing director of the Robinsons pub division. “We purchased three new pubs, two of which are now undergoing significant investment and we remain acquisitive for more pubs in both tenanted and managed to enhance our estate.

“Alongside this, we have continued to develop our pubs, completing over 80 significant refurbishments and investing in excess of £30.2m across our estate in the last three years. Although there is still a lot of work and a long way to go, we have a clear vision and a solid strategy for both our tenanted and managed pubs.”