The UK’s largest pub company said adjusted earnings rose by £17m to £201m in the 28 weeks to 12 April 2026.
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The group said performance had been supported by growth across its leased and tenanted, Craft Union and managed pub divisions.
Like for like sales rose 1.5% across leased and tenanted pubs, 4.5% across Craft Union and 0.6% across its core managed pubs.
Stonegate said total sales were ahead of CGA market data during the first half of the year.
Chief executive David McDowall said: “The strategy we set out is working, and these results are a clear demonstration of that.
“By repositioning our estate and driving efficiencies across the business, we are building a stronger, more focused Stonegate that is delivering for the partners and publicans at the heart of our business.”
Estate transformation
Stonegate said it had moved 114 sites from managed to leased and tenanted during the first half of the year, equal to around four to five pubs a week.
Leased and tenanted pubs now represent 74% of the total estate, while Craft Union accounts for 16% and managed pubs 10%.
By the end of FY26, Stonegate expects 320 sites in total to have moved into its leased and tenanted division.
The update follows the group’s FY25 results, when Stonegate said its shift towards a more partnership led model was helping improve resilience across the business, despite continued cost pressures in the managed estate.
The group also completed 160 development projects in the first half of its financial year, as part of a wider £40m investment pipeline across 2026.
The work included upgrades to pub interiors, exteriors and outdoor trading areas, alongside further support for publicans ahead of major trading opportunities including the FIFA World Cup.
McDowall said: “Our Craft Union and Pub Partners businesses are performing exceptionally well, and the ongoing transformation of our managed estate is progressing.
“There is real momentum here, and that is a testament to the hard work of our team and the quality of the operators we work alongside.
“We have made considerable progress, but our ambition does not stop here. The next phase is about consolidating this progress and continuing to shape an estate that is resilient, community driven and built to last.”
World Cup boost
Stonegate said it remained on track for profit growth across the full year, with the FIFA World Cup expected to provide a further trading boost across all divisions.
The group said World Cup bookings in its managed pubs were up 40% year on year so far.
The update comes amid wider scrutiny of Stonegate’s estate strategy, after reports earlier this month that Terra Firma Capital Partners was among prospective bidders preparing offers for part of the group’s Platinum estate.
According to reports, the private equity firm was considering a bid of around £300m for a package of approximately 300 freehold pubs.
At the time, Stonegate said it continued to look at options for the Platinum portfolio, which could include a refinancing, partial sale or full sale of the sites.
However, the group said no decisions had been made and that it was continuing to make progress on its transformation strategy.
Stonegate said the continued shift towards leased, tenanted and operator led models would reduce its exposure to trading volatility, improve profitability and support its longer term plan to reduce debt.
