Pub and hotel operator post pre-tax loss of £115,787 for the 2012 year
Leisure group Saltire Taverns Ltd has reported a pre-tax loss of £115,787 for the 2012 year.
Accounts filed with Companies House for the year to January 31, 2012, show a drop in turnover on the previous year, from £6.38 million to £5.8 million, though the previous year's figures included sales of £2.44 million from discontinued operations.
Operating profits for the year to January 31, 2012, dropped 44 per cent on the previous year, from £259,958 to £145,302.
Saltire said the reduction in operating profit was down to “the reduction in the number of operating units”.
Saltire, led by pub tycoon Billy Lowe, sold off the two Frankenstein's theme bars in Glasgow and Edinburgh in June 2011 to Glendola Leisure in a £4.17 million deal.
The bulk of the proceeds of that sale, £3.5 million, was used to buy the Hudson Hotel and Bacaro nightclub in Edinburgh from administrator KPMG following the collapse of Festival Inns.
Last year Saltire posted an 83 per cent drop in pre-tax profits to £259,958 against £910,386 the previous year and net cash from operating activities more than halved to £883,397.
Latest accounts show a further drop in net cash inflow from operating activities to £490,199.
Profits from discontinued activities for the year to January 2012 were £80,380 against a profit of £535,816 the previous year and profit from continuing activities was £64,922 against a loss of £275,858 reported in 2011.
Saltire said the improvement in performance from continuing activities was “a result of a greater focus on the remaining operation in terms of sales improvement and cost control”.
The group reports depreciation on tangible assets fell from £828,109 last year to £385,229 at the 2012 year end.
Net cash outflow from financing dropped to £372,994 against £3.72 million the previous year.
Net debt remained largely unchanged on last year at £4.9 million.
The group said staff numbers at the year end were 129 in total, down from 161 the previous year, and employment costs dropped to £1.92 million against £2.07 million the previous year.
Lowe, who also owns the Le Monde hotel in Edinburgh, sold off The Rutland hotel in the capital back in 2007 in a deal worth £7 million.