01 December, 2006

UK: Wolverhampton and Dudley brewery raises a glass to record profits of £101m

The beer brewer and pub operator, Wolverhampton and Dudley, has posted a 13.2 per cent rise in full-year profits and revealed plans to change its name in the new year, according to the statement of Business Scotsman from December 1st.

The company, which brews cask ales including Marston's and Pedigree and owns 2300 pubs in the UK, said that the strong performance for the year to the end of September was helped by good weather and the World Cup.

Underlying pre-tax profit for the year to September 30 was a record £101.5 million, from £54.2m the year before, helped by a string of recent acquisitions. Turnover grew to £595.5m from £556.1m previously. The company also announced that it will seek to change its name to Marston's plc to reflect the national spread of its business in recent years. Marston's recently gained exposure after becoming sponsors of the England and Wales Cricket Board.

W&D is to seek approval of the name change from shareholders at a January annual general meeting, where it will also propose a four-to-one share split. Chief executive Ralph Findlay said: "We continue to drive value from our high quality pub estate, beer brands and integrated model."

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