The Manchester-based brewer and pub operator, which runs 29 managed pubs and 15 tenanted pubs across the North West and North Wales, increased turnover by 1% to £41.2m in the year to 29 March 2026.
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The result follows last year’s record turnover of £40.8m.
However, operating profit before one-off costs fell to £1.7m, down from £2.2m the previous year.
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The company reported a £370,641 loss for the year, compared with a profit of £860,739 in 2025.
Hydes said trading had been affected by low consumer confidence, ongoing cost-of-living pressures, high inflation, further rises in the national minimum wage, higher employer national insurance contributions and continued high energy costs.
Managed pubs growth
Managed pub sales were 1% higher during the year, while like-for-like sales, excluding sites affected by refurbishments, were 3% ahead of the previous year.
Hydes said improved managed pub performance had been supported by the Old Plough in Ashton-on-Mersey, which had a particularly strong year, and the Bulls Head in Lymm.
The company also highlighted a significant refurbishment of the Boathouse in Parkgate, near Chester, which started before the year end and completed in June 2026.
The business previously announced a £1.5m investment into the Boathouse as part of its wider estate investment programme.
Hydes also reported strong accommodation performance, with occupancy at the Abel Heywood and Wilmslow Lodge remaining at 85% and 83% respectively.
Further investment
The company said its tenanted pubs performed slightly below the previous year, but added it had continued to support tenants by minimising rent and price increases where possible.
Brewery volumes fell as expected following a period of growth linked to a contract brewing agreement, while Hydes said its seasonal cask ale range had continued to be popular with customers.
Hydes said it would continue to look for acquisition opportunities that could strengthen the estate, including pubs with accommodation, sites in strong areas and pubs with potential function space.
During the year, the Red Lion in Leek was sold in August 2025, followed by the Sam Brooks in December 2025.
The company said strong headwinds remained for the new financial year, including cost inflation, tax uncertainty and pressure on consumer confidence.
However, it added forward sales were good, especially in recently refurbished pubs, and said the business would remain focused on improving customer value and reducing operating costs.
The results come after Hydes announced the appointment of Peter Borg-Neal as chairman in July, succeeding Richard Lancaster.
