UK: Wolverhampton & Dudley Breweries was performing in line with expectations
Wolverhampton & Dudley Breweries, the maker of Banks’s original bitter and one of the UK’s biggest landlords, annoucned a 1 % rise in Christmas like-for-like sales on Friday, 20 January 2006, according to Financial Times report.
The company called the performance over the 15 weeks to January 14 “satisfactory in the light of more subdued trading conditions”.
Wolves, which also brews the Marston’s range of beers and bought Cumbrian ale brand Jennings last year, said operating margins rose year-on-year as effective integration of acquisitions and good cost management offset rising minimum wage levels and energy costs.
The owner of the Union Pub Company and the Pitcher & Piano chain said liberalised licensing laws in the UK provided a “modest trading benefit” as most pubs extended opening time by “one or two hours up to three nights a week”.
On the smoking ban Wolves said, "Over 80% of our pubs have such outside trading areas. We are well positioned to minimise the risks of a ban and maximise opportunities to our competitive advantage".
Shares in Wolverhampton & Dudley Breweries slipped 0.3 per cent to 1268p in morning trade in London.
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