Brighter prospects boost shares in Gibbs Mew
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.GIBBS MEW's shares escaped yesterday's stock market fall, rising 3p to 138p as the small Wiltshire-based brewer hinted that three years of profits decline could be arrested in 1992/93.
Peter Gibbs, chairman, announced a 6 per cent fall in pre- tax profits to pounds 633,000 for the year to 28 March, but said trading had since improved despite conditions remaining tough.
A sales drive into the free trade - pubs, clubs and restaurants - put a floor under dwindling beer sales volumes in Gibbs' own 120 outlets.
Brewing and related activities increased turnover by 10 per cent to pounds 18.6m and profits by 7.5 per cent to pounds 1.9m. The results were also helped by a pounds 1.35m reduction in interest charges to pounds 1.9m.
Besides those gains, Gibbs expects Bridger Properties, its commercial property arm, to improve further after a 30 per cent cut in losses last year to pounds 289,000.
The dividend total is being held at 6.75p, which is probably welcome news for Sir Ron Brierley, the New Zealand investor who last week more than doubled his shareholding to 19.7 per cent. Earnings per share, aided by a sharply lower tax charge, rose from 10.97p to 11.89p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments