Daniel Thwaites plc has grown and turned in a robust performance, its chairman has said, revealing results for the year to 31st March.
Turnover grew by 6% to £115.5m (£108.8m n 2023) and operating profit before property disposals grew by 4% to £11.3m (2023: £10.9m).
The market positioning of its managed properties towards more premium segments and the resilience of its tenanted community pubs, together with its freehold property model, has prevailed, said chairman Richard Bailey.
The previously announced development of Langdale Chase Hotel in the Lake District is complete and the hotel is open and trading profitably. This is the largest investment the company has made in the past 15 years. During the year Thwaites invested £18.3m in its existing properties, including Langdale Chase.
“Factors that have been against us for the last few years, including inflation, a difficult employment market, and the cost of living crisis, are now abating and we are hopeful that the coming year will present a more stable trading environment,” said Bailey.
“The UEFA European football championships present a good opportunity for pubs this summer. The inns continue to increase market share locally, our hotels are benefiting from a stronger corporate market, and we have high hopes for the first full year of trading at Langdale Chase.
“This last year has been one of confident investment across every area of the company and that places us in a very strong position to move our performance forward in this current financial year. We have high expectations that, all things being equal, this coming year will be a good one.”
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