Hydes celebrates record results

The brewer and pub operator, founded in 1863, reported a record turnover of £39.3m for the year to end of March 2024, up from £34.1m last year.

In its strategic report, published with Companies House chairman Richard Lancaster said consumer spending proved resilient and “was reflected in strong sales over Christmas, Easter and in the early part of the financial year, when the sun shone”. 

He said cost increases remained a challenge, particularly the rise in National Minimum Wage, but “the company strategy to keep prices at a competitive level was rewarded with the loyalty of our existing customers and in welcoming plenty of new customers to our pubs”.

The last year also saw good investment into “high standard and quality” refurbishments, and the company first freehold acquisition for a number of years began trading. The statement added that brewery volumes had also increased sharply and its tenanted estated had done well, but the majority of the sales and profit growth in the last year was delivered b it managed estate.

He said: “Overall, managed pubs sales were 14% higher than prior year. On a like for like basis and excluding refurbished sites, sales were 12% above the prior year. All pub categories performed well in the year, though our food sites were responsible for the largest proportion of the sales and profit growth.”

Adam Mayers, ceo, added: “Despite the many challenges our industry faced over the last year, we are delighted to have increased our turnover and profitability by more than 15% and 12% respectively.  

“We have continued to invest in our pub estate and brewery and have focused on providing great value food and drink to our customers. These results are a testament to the hard work and commitment of the entire Hydes team.

“Moving forward, high Interest rates, business rates, taxation and ever-changing legislation will continue to put significant stress on pubs and breweries. We now need the new government to act to recognise this and support our industry, so that we can continue to offer great value.”