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Turnover at its managed pubs was up 10.1% for period, with contribution to profit up by 20%, however, current trading “has been challenging” with recent government policy impacting both consumer demand and the company’s margin.
Underlying profit was also at record levels, at £19.48m – exceeding pre-Covid figures in real terms, the family brewing and pub business said.
Joint MD Heydon Mizon said McMullen’s performance in 2025 “reflected the culmination of many years of investment in our pubs, people and operational standards”.
Favourable weather
“Our focus on wastage in a high inflation environment has improved conversion. Favourable weather supported trade, and our teams delivered a result they should be proud of.”
However, Mizon said the business had experienced a softening in consumer demand over the past six months, particularly during dining-led occasions, as confidence and discretionary spending continue to be impacted by the wider economic climate and ongoing uncertainty, with the business remaining cautious as it moves through the year.
“Encouragingly, the business continues to perform well operationally, and we remain confident in the long-term strength of both our company and the wider hospitality sector.”
Self-destructive
Joint MD Tom McMullen said measures imposed by the state, such as the changes to business property relief, were “self-destructive” and contrary to its ethos of running a business that balances the needs of all stakeholders with the aim of creating long-term sustainable growth for all.
“This, combined with a UK tax burden now forecast to exceed the prior high from 1948, has caused us to rationalise our business and focus our investment and growth ambitions in favour of our managed business.”
In February this year, the independent business made the decision to exit its leased and tenanted – selling a package of 30 sites to Punch Pubs – in order to focus on its managed business.
While it had toyed with the idea of disposing of its leased and tenanted business in the past, the impact of the previous two Budgets was the decisive factor, Mizon said.
