Bars group, Yates, has reported pre-tax profits for the year to 30 March down just over 17 per cent at £10m, compared with £12.1m at the same time last year.

Group turnover for the period was £153.2m against £161.7m last year.

Rebranding of the Yates branches – under the group’s 21st Century Yates programme and at a cost of approximately £175,000 per branch – had reached 47 sites by March 2003 and these showed an increase in like for like sales of 3.5 per cent.

However, performance at those branches awaiting refurbishment showed like for like sales falling by 6.8 per cent.

New Yates sites in Huddersfield, Grimsby, Glasgow and Newport, IOW opened during the year and are reported to be doing well. However, although the company has a "significant number of target towns" on which it intends focusing in the future, it is currently concentrating on "firmly turning around" its core Yates business.

The company’s Ha! Ha! brand performed well, with a particularly strong second half. Total sales saw an increase of 22.7 per cent to £2m and like for like sales rose 3.8 per cent.

A new site opened in Bath in November and is performing well, as is the Nottingham Ha! Ha! which opened just outside the period in April.

Looking ahead, a further Ha! Ha! site will open in Staines during the summer and branches in Ealing and Sutton Coldfield will open later in the year after being converted from the Yates to the Ha! Ha! brand.

Additionally, contracts have been exchanged on a site in Plymouth and negotiations are at an advanced stage on three others, two of which will be 2004/2005 openings.

Commenting on the results, Yates’ chief executive, Mark Jones, said: "The rebuilding of the group continues, but against a backdrop of difficult market conditions for high street bar operators. However, the refurbishment programme, coupled with cost savings, is producing clear benefits."

He added: "Current trading in the first seven weeks of the new financial year has matched our expectations, but market conditions remain tough." Details: www.yatesonthe.net