The brewer and pub operator achieved a gross profit of £19.4m for the year – a 9.5% increase on the same period in 2023, according to its latest accounts filed at Companies House.
Operating profit increased from £1.7m to £2.2m, with profit before tax of £2.7m – up from £0.5m the prior year.
The business said it had invested in its skills base, which had increased people related costs by £0.9m over the period, but that it had created greater resilience within the business, in terms of operations, “which has been required to support the rising levels of demand for our beer”.
Strong trading
However, production and procurement efficiencies offset some of those costs, and assisting in a recovery of operating margins, it said.
Its pub estate – which comprises two managed and 17 tenanted pubs – performed well recording a significant recovery in profitability, said the business.
The larger of its managed pubs – The Woolly Sheep in Skipton – will also benefit from a major refurbishment and extension of its trading space, which completed just after the year-end.
Underlying income from its tenanted estate was ahead, with strong trading in a number of its pubs that had benefited from recent refurbishments.
Long-term strategy
Draught beer sales performed well during the financial period, with “Landlord proving to be particularly in demand for many pubs wanting to focus on a strong high-quality brand”, it said.
The business also achieved the milestone of Landlord becoming the largest selling cask ale brand in the country, by both value and value, it said, with Timothy Taylor continuing to invest in developing its offering in the growing kegged ale sector.
It added: “The company is pursuing a long-term strategy of investing in the brewery and its beer brands, building a premium position and a rising market share amidst a challenging market for cask ale and the pubs to which we sell our beers.”
- This story was originally published in The Morning Advertiser’s sister publication MCA.
