The family-run business, which has been brewing beers in Masham for almost 200 years, recorded a pre-tax profit of £18,000 for the period, compared to a £2,000 loss in the previous year.
This return to profitability comes as the business saw turnover increase by 14% to £6.7m in the same period, despite what the report notes as a third successive year “affected by external events”.
The report stated FY23 began with the hangover of the Omicron variant of Covid-19 before Russia’s invasion of Ukraine, which had a direct impact on the business when it decided to cease all trade with the country that was previously its largest export market.
Theakston joint managing director Simon Theakston said: “We’re pleased to report not only our return to profitability but also, as custodians of the Theakston heritage, we continued to produce the high-quality beers that our customers in both the on and off-trade markets have come to expect.
“As a business with almost 200 years of experience, we have seen our share of challenges, from wars to recessions, and, most recently, a pandemic. Throughout all these times however, we have remained steadfast in our belief that our beer and the British pub as an institution, are about much more than just a pint, they’re about bringing people together and acting as the focal points of the community in both the good times and bad.”
While there beer prices have risen, Theakston said it had worked to minimise increases in order to support its pub customers, who are caught between increased supplier costs, increased running costs of their own and consumers affected by inflationary pressures in the economy.
Optimism for future
Looking to the future, the business is optimistic, thanks in part to having changed its sales model “significantly” by broadening its supply routes to the on trade and exploring new opportunities within the wider drinks market.
These include the launch of a number of new ale brands, Theakston Paradise Gold cider, the growth of Spirit of Old Peculier, and the ongoing partnership with Ellers Farm Distillery to create a premium Yorkshire whisky using a wash brewed in the famous Theakston brewery.
Theakston added: “With a healthy balance sheet and secure financial arrangements, we remain focused on growing our revenue and are excited about some of the upcoming opportunities to forge new partnerships and bring innovative new products to market.
“We have made a good start to the year and, as a result, the board of directors is confident that as trading conditions continue to improve and the economy stabilises, we will see a steady improvement towards pre-pandemic levels of profitability.”