The operator of 14 pubs across the south of England reported revenue had grown by 4.5% from £18.4m last year to £19.3m.
Gross profit grew from £14.2m to £15m but it made a loss before tax of £311k versus a profit in 2022-23 of £71k.
As a destination business in “premium rural locations”, Upham Inn said trade is sensitive to weather patterns, and spring and summer in 2024 saw some wet conditions that dampened sales versus the previous year.
However, it had the benefit of a full year trading in two businesses that had closure periods in the previous year for renovation, and the Winning Post site “especially delighted” the board as it enjoyed a “transformational trading performance”.
Christmas trade key
In the second half of the year, like-for-like sales saw a noticeable improvement with December trading a key highlight at 12.5% year-on-year sales growth.
This positive momentum has continued into the new financial year and, at the half year (end September 2024), Upham reported a cumulative sales growth of 7.6%.
The board said: “We believe this positive momentum is a combination of our ongoing programme of business improvement and a gradual recovery in the market.
“Whilst cost inflation has remained a challenge for our industry, the outlook is more stable than the previous year, assisted by our ongoing drive for cost efficiency, albeit this continues to require significant management attention to control.
Food margin
“In particular we were pleased to achieve a 2% improvement to our overall food margin, as we benefit from the prior investment we made in margin management systems.”
It added: “We continue to strengthen our positioning as a premium pub with rooms group, promoting the unique strength of our pub locations in desirable destination locations across southern England. Room revenue accounts for 21% of sales alone, and when we add on the associated food and beverage sales of room residents, this in total accounts for over 40% of our total revenue.
“We now have a well invested collection of pubs, with positive momentum of trading improvement.”
It is also exploring potential acquisitions of pubs and is targeting “the potential for bedroom development”.
