Duty relief for Capital Pub Company after 32% profits rise

Capital Pub Company, the niche London landlord, admitted it was relieved today by the absence of any swingeing increase in duty on booze and said it should not be badly hit by increased VAT.

"We had geared up for the VAT rise and after a bit of late scaremongering in the trade it was a relief there was no duty increase," said chief executive Clive Watson.

Capital has 28 pubs and has plans to own up to 50 within three years.

Revenues rose by 11% to £22 million in the year to end-March, pushing pre-tax profits up by 32% to £2.7 million.

The new financial year has started strongly, boosted by World Cup trade in many of its pubs.