Turnover for the year to March 2012 up by £10 million to £59.3 million
Leisure firm G1 Group has reported a 20 per cent rise in turnover and 46 per cent rise in operating profits for the year to March 2012.
Turnover for the group – which owns more than 40 venues throughout Scotland, ranging from restaurants, bars and clubs to cinemas and hotels – rose from £49.2 million last year to £59.3 million.
The group said despite major refurbishment expenditure the previous year and additional borrowing costs, pre-tax profits at the year end were up 39 per cent to £6.5 million.
G1 said it had completed a number of acquisitions in the past year, including a portfolio of Edinburgh properties previously held by Festival Group, and said operating profits rose by 23.7 per cent from existing operations and by 22.7 per cent from acquisitions.
The assets from Festival Group were sold to G1 and Saltire Taverns in a pre-pack deal in 2011 which saved 175 jobs.
G1, led by Stefan King, formed a new division - called EH1 – following its acquisition of The Murrayfield Hotel, Biddy Mulligans, The Three Sisters and The Bank Hotel, all in Edinburgh.
The group lists acquisition costs for the year at £5.7 million, with financing rising from £350,000 the previous year to £11.8 million at the year end.
Net debt at the year end was £70.2 million, up from £56.5 million the previous year.
G1 Group added 270 staff in the past year and now employs 1,295 people in total.
Chairman Brian McGhee said: “The economy continues to be uncertain, but G1 is able to report a successful year, a function both of carefully targeted investments in the existing estate and successful integration of the portfolio of properties in Edinburgh which were previously part of the Festival Group.
“Subsequent to that acquisition in July 2011, the group made another Edinburgh acquisition – the iconic Cabaret Voltaire – and later purchased a substantial venue in Perth, Sportsters, which operates alongside the existing G1 cinema and bar/restaurant facilities there.”
McGhee added G1's move to the former BBC Scotland headquarters in the west end of Glasgow should be completed in time for the next year-end results.