Profit up at Hydes despite 'testing' year

By John Harrington

- Last updated on GMT

Related tags: Pub operator hydes, Red tape, Hydes

Hydes: testing year
Hydes: testing year
Manchester brewer and pub operator Hydes saw ebitda increase 27%, from £2.41m to £3.34m, for the 52 weeks to 28 March 2010. Turnover was up 2.3%...

Manchester brewer and pub operator Hydes saw ebitda increase 27%, from £2.41m to £3.34m, for the 52 weeks to 28 March 2010.

Turnover was up 2.3% to £23,324,822, while gross profit increased 1.9% to £10,973,865, according to Hydes' annual report published on Companies House

Chairman Peter Johnson described the year as "testing", with the "weak consumer spending alongside duty increases ahead of inflation, ever increasing Government red tape and aggressive pricing from the off-trade." He also flagged up the fact the "sizzling barbeque summer" did not materialise.

Overall profits from the managed pub sites were up 2.6%, despite the need to run "a few" tenanted sites under temporary management. Like-for-like turnover in the managed estate was up 2%.

On the tenanted pub division, revenue and profit was down 6.3% and 5.5% respectively. Two tenanted pubs were sold during the year, leaving the tenanted estate at 56.

Johnson said: "We have continued to provide high levels of support to assist tenants who are doing their best to run their businesses in difficult circumstances."

Related topics: Other operators

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