The Beer Consortium AGM for 2024 was held on 18th November at the Embankment, the most impressive pub in the Company’s small portfolio.
The chairman, Colin Wilde, was pleased to announce a successful trading year for the Company, with all five pubs contributing to an increase in turnover of 7.5%, while gross profit rose by 7.2% compared to the previous year.
This has resulted in a net profit of £70,547, which represents a 38.8% increase compared to 2023, and making 2024 the second best year in the Company’s history.
As a result, the directors were pleased to declare a 17% increase in the final dividend to 2.15 pence per share, which will be paid on 22nd November.
Looking to the future, the Board is cautiously optimistic that this progress can be maintained, although there is no denying that some of the changes in Labour’s recent Budget, not least the increase in the minimum wage combined with the substantial rise in employers’ National Insurance Contributions, will add significantly to operational costs and an inevitable increase in prices at the bar next spring.
Finally, it is worth mentioning that Castle Rock Brewery, who manage the pubs on behalf of the Consortium, has been named Pub Group of the Year 2024 at the National Pub and Bar Awards.
John Westlake – CMIC Committee Member