HAMPSHIRE'S oldest independent brewery raised a glass to a 4.3 per cent rise in annual pre-tax profits to £4.3m. Turnover was up nearly five per cent to £39.4m.
Horndean-based George Gale & Co, which owns 100 pubs in the south and employs 841 people, spoke of a tough trading climate and the need to invest in its existing pubs because of a lack of new acquisitions.
The brewery, which dates back to 1847 and produces ales like Gales and HSB, has 64 pubs in Hampshire, including ones in and around Southampton such as The Ark, New Inn, Fleming Arms and The Whyte Harte.
A company statement said: "Finding good quality pubs at realistic prices has again not been easy so we have concentrated, in the short term, on reducing borrowings in preparation for making acquisitions."
It added: "The challenge in 2005 will be to continue driving turnover forward while absorbing the huge additional costs of the 7.8 per cent minimum wage increase, higher energy costs and business rates."
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