Old Monk to miss profit targets
12 April 2012
PUBS group Old Monk has warned its profits will fall short of City targets. The company is also to focus on its South African-inspired Springbok bars, dropping the company name in favour of Springbok.
Profits for the year ended 28 April would be around £1.4m before one-offs, the company said. That's down £250,000 on the year and 42% below City forecasts.
The firm said the Springbok brand was well proven on the High Street. It would convert eight sites to the format, taking the total to 16. Sites that no longer fit the company's portfolio will be sold. It has already sold seven, leading to a book loss of around £2.1m.
