Jongleurs firm makes £8m
But sales and profits slide
Jongleurs owner Regent Inns has announced it made a pre-tax profit of £8.3million last year.The figure, which excludes ‘exceptional items’, fell 22 per cent from £10.6million in 2006-2007.
Business was down 2.8 per cent over the year ending on June 30 – which the company said was because of good sales the previous year linked to the World Cup.
The figures are so-called ‘like-for-like’ sales, which exclude the fact the company bought 31 Old Orleans restaurants during the financial year.
Shareholders will not be receiving a dividend for the second year running as the company tries to manage its £75million debt before rewarding investors.
The results, published today, also so that Regent Inns lost £200,000 on the sale of Manchester Jongleurs, the only comedy club the company has ever closed.
The company – which also owns the Walkabout chain of Australian pubs which have done a brisk trade during the rugby World Cup – also warned of a likely slowdown in consumer spending because of rising interest rates.
Regent’s annual turnover was £148.9million, up 17 per cent on the previous year, due mainly to the Old Orleans purchase.
Published: 9 Oct 2007
