Australian Venue Co (AVC) is celebrating its revenue rising to $1.63 billion in the past year, following its expansion from 243 to 255 pubs across Australia and New Zealand.

The company’s earnings surging by 27% during the period to $472 million. Excluding acquisitions, revenue grew 7% on a like-for-like basis.

Sydney hospitality group Solotel sold four venues to AVC earlier this year and AVC CEO Paul Waterson (above) told the Australian Financial Review the company intends to continue expanding over the next two years through greenfield sites and acquisitions.

“Our aim is to do about 25 per year, so in 18 months to two years we should be moving past the 300 mark,” he said.

The nation’s second-largest pubs group has adjusted its strategy to provide better value for patrons during cost-of-living challenges, including more budget-friendly meals.

“Australia’s pub sector is a resilient and attractive part of the hospitality landscape,” Waterson told the AFR earlier this year.

“Pub venues typically have strong community connection, and are consistently in high demand for high-quality food and beverage offerings.”

The pub, tavern and bar market has been buoyant this year, with HTL Property’s Andrew Jolliffe noting: “The national pub market is performing admirably, in no small part due to the structural favourability for property investors now attracted to commercial real estate as distinct from residential investments.”

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