Oakman Group plc saw sales rise by more than 6% from £54.4m to £57.8m in the ending 2nd July, 2023. Earnings before tax was £1.8m.
The George at Ludlow. Photograph: Peter Lowbridge Photography
Oakman has also reported a strong end to the first half of financial year 2023/24, with sales over the Christmas trading period showing growth over the prior year.
For the five weeks ending 31st December, the core Oakman Inns business delivered sales of £7.7m, representing an increase of 9.5% on the prior year and like-for-like growth of 4.5%.
The positive Christmas trading had continued a trend of gradual improvement in performance, following a more challenging start to the new financial year, because of unseasonably poor weather in July and August.
During the first half of the new financial year, Oakman has raised £3.5m in the form of secured loan notes, principally from existing shareholders. The proceeds will be utilised to deliver continued profit growth and provide investment for secured pipeline sites.
Team turnover has reduced to 59%, down from a post-furlough high of 82%. Commitment to training has, for the third time, been recognised by the annual Princess Royal Award for Training Excellence.
Oakman has agreed terms to purchase certain freehold interests for pubs currently operated by the company as leaseholds or under management contracts. It has also achieved Road To Net Zero certification, with a clear commitment to reduce its carbon footprint.
“External trading conditions remain challenging,” said chief executive Peter Borg-Neal. “However, I am delighted with the way the whole team has come together to deliver significant profit recovery over the past six months.
“The business is in great shape to meet the near-term challenges we face and to deliver significant growth in the medium term.”
