But sales on the up

Half-year profits at Jongleurs owner Regent Inns have fallen 76 per cent.

The company made £552,000 in the six months ending on January 1 this year – compared to £2.3 million in the same period a year ago.

Sales have increased by 2.5 per cent at the company, which also owns the Walkabout chain of Australian theme pubs, but the bottom line was hit by expenses for cost-cutting measures and renegotiating bank debts.

In its interim results published today, the company said it remained committed to the Jongleurs brand – including the touring shows it takes to regional theatres – and intends to cash in on the lucrative market for corporate comedy shows.

The statement said: “Jongleurs has a unique product, which is better insulated from the threats of competition and regulation than high street bars and clubs.

“We are therefore seeking to build on the successful Jongleurs format and are looking at opportunities for improvement in areas such as database marketing and corporate initiatives.”

Regent Inn shares dropped 3.2 per cent on publication of the results.

The company also announced two additions to the board: operations director David Turner and commercial director Simon Kaye.

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Published: 9 Feb 2005