Admiral Taverns Provides Full Year Results

Admiral Taverns has hailed a “robust financial performance in a year which saw the introduction of sector regulation and growing macro-economic and political uncertainty”. The results are for the year ending 3 June 2017.

  • Turnover of £69.2m (2016: £69.5m)
  • Underlying EBITDA1 of £25.1m (2016: £25.2m), primarily reflecting good performance from the core estate, non-core pubs disposed of in the prior year and incremental costs of the Pubs Code
  • Underlying EBITDA1 per average number of pubs up 3.2%
  • Underlying EBITDA1 to net debt rose to 3.4x

Good performance from core estate benefitting from the Group’s proactive investment approach

  • Continuing business estate delivered EBITDA of £24.0m (2016: £23.8) representing like for like EBITDA2 growth of 1.1%, (three years of successive like for like EBITDA2 growth of over 1)
  • Over £8m invested in the core estate over the course of the year which continues to drive strong EBITDA per pub performance
  • Like-for-like estate valuation increased by 5.6%

Operational and licensee centric culture continues to underpin growth

  • Continued to strengthen Business Development Manager team with new appointments
  • Achieved highest rankings for a National Pub Company (as voted for by licensees) in the independent annual Tenant Track Survey in January 2017

POST YEAR-END EVENTS AND CURRENT TRADING

  • Completion of the sale of the Admiral Taverns Group, welcoming on board new investors C&C Group plc and Proprium Capital Partners, alongside Admiral management who remain invested
  • Acquisition of 17 pubs from Heineken’s Star Pubs & Bars business
  • Current Trading – EBITDA inline with Board expectations

 Commenting, the Chief Executive Officer of Admiral Taverns said:

“In a year which saw the distraction and bureaucratic burden of sector regulation and the impact of growing economic and political uncertainty in the aftermath of the EU referendum, Admiral has delivered a robust performance with good underlying like for like growth across our core estate.

Since the year end we have been delighted to welcome onboard new and supportive partners, C&C Group Plc and Proprium Capital, as the Group continues to build on the strong platform it has established in recent years. In November we announced the acquisition of 17 pubs from Star Pubs & Bars, early testament to our ambitious growth plans, and we look forward to reviewing further opportunities in our sector as they arise.

Whilst the wider trading environment continues to be challenging, we see evidence that consumers are prioritising affordable, authentic, experiences in their local area which well-invested, community pubs stand to benefit from. As such, trading since the year end has continued in line with our expectations.”

¹Underlying EBITDA after excluding property and exceptional items, but including the benefit of the 53rd week (worth £0.6m)

² Continuing business estate like for like EBITDA after excluding, property, exceptional items, incremental Pubs Code costs and the benefit of the 53rd week

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