E-Malt.com News article: 1873

Scottish brewer and pubs company Belhaven Group Plc raised its annual profit forecasts by 4% on December 01 after a hot summer and a competitive close to Scotland's football season boosted half-year earnings. The company, which brews Scotland's top ale-type beer Belhaven Best and runs 200 pubs, said it was raising its pre-tax forecast for its year to end-March 2004 to 13.9 million pounds ($23.98 million), up from its previous 13.4 million estimate.

"The half-year results were boosted by hot weather and a good tight football season, and the positive trends have continued into October and November," Chief Executive Stuart Ross told a news briefing after half-year results. Ross said although the group only had three pubs with beer gardens its outlets had attracted drinkers over the summer and gained from TV football in its pubs as Scotland's top two clubs Glasgow Celtic and Rangers fought out a competitive end to the season, and Celtic reached the European UEFA cup final in May.

The group, which is headquartered and operates an ale brewery at Dunbar, just east of Edinburgh, has a five-year deal with Interbrew in which the Belgian brewer supplies 90 % of its lager needs, largely Tennent's and Stella Artois brands.

The company reported pre-tax profits up 26.5 % at 7.64 million pounds for the 26 weeks to September 28 on sales up 19.4 % to 47.15 million, while the half-year dividend rose 11.3 % to 3.96p a share. The group raised 25 million pounds in its July share placing, which increased its equity base by one third, giving it funds to target operating 300 of Scotland's 6,000 pubs by the end-2005. Belhaven shares rose 2.2 % to 422-1/2 pence by 1550 GMT, compared to a flotation price of 180p in 1996, and a July share placing priced at 350p.


03 December, 2003