The results, which were for the year to 27 January 2024, also showed total profit after tax increased to £9.5m (up from £8.1m), bolstered among other things, by the profit on the sale of Rio during the year.
Furthermore, net debt reduced to £37.1m, which was down from £55.7m in the previous year, reflecting mostly the receipt of the sale proceeds from offloading Rio and management of cash.
The company said it had £50m of banking facilities in place, which left plenty of headroom to continue investment in its estate.
Chairman Anthony Woodhouse said: “The team delivered an excellent performance despite the well-publicised challenges for our industry, restoring profit to a level broadly equivalent to that prior to the pandemic.
“I am confident we will see further progress this year notwithstanding the generally poor weather.
“Our managed houses had an excellent year with significant increases in total sales and covers on a like-for-like basis."
Range of initiatives
“Margins and labour productivity benefitted from a broad range of initiatives. As well as continued investment in the core estate, we opened the spectacular H&W Taplow on the banks of the River Thames," he added.
“Our business partner business had another good year with continued steady growth. The quality of our estate, our business partners and the support we provide means this is a very stable, cash generative and valuable business.
“We were delighted to be ranked as the ‘Best Tenanted Pub Company’ by the Licensee Index.”
Woodhouse was positive about the performance of the company’s beer arm both in-house and in retailers.
He added: “The rebranded Badger range performed admirably in a challenging premium bottled ale market in the off-trade.
“Our new craft ale range, Outland from Badger Brewery, performed very well in our houses (pubs) and has made an encouraging start in the off-trade.
“The brewing and packaging business grew substantially on the back of a major new contract.”
Purpose and values
The H&W boss highlighted other initiatives it has undertaken over the past 12 months including raising money for charity.
“In a year where the focus has quite rightly been on restoring profitability, it is doubly pleasing we have stayed true to our purpose and values,” he said.
“For example, by continuing to pay the equivalent of the real living wage as a minimum and by increasing the amount we have donated and raised for local good causes to approximately £700,000 in the year.”
Additionally, he said the company was delighted to have featured on this year’s Sunday Times Best Places to Work list.
Woodhouse added: “Matt Kearsey (managing director) and the team deserve praise and have my heartfelt thanks for producing a remarkable performance – such an outcome does not come by luck but by designing and delivering a clear plan with hard work, passion and skill.”
