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LONDON - Daniel Thwaites PLC reported a 4.4% increase in turnover to £120.6 million for the year ended March 31, 2025, with operating profit also growing 4.4% to £11.8 million, according to a company statement released Tuesday.
The British pub, inn, and hotel operator saw earnings per share rise 4% to 12.9 pence, while net debt increased slightly to £71.4 million from £70.8 million the previous year.
The company’s performance came despite what Chairman Richard Bailey described as a "challenging business environment" following the UK general election and tax increases from the autumn budget. The first half of the year was affected by cautious consumer spending during the election campaign.
"We have started the year with a sustained period of good weather, which has demonstrated that if you are ready, when the conditions are right, pubs and hotels benefit," Bailey stated.
The company’s hotels and spas segment showed strong performance with an 8% increase in turnover, while the inns business saw sales grow 4% with EBITDA up 19%. The tenanted pubs division faced more difficult conditions with turnover decreasing 1% year-on-year.
During the year, Thwaites invested £14.7 million in capital expenditure to improve its properties and acquired the Buck Inn in Malham in March 2025.
The board has recommended a final dividend of 2.6 pence per share, bringing the total dividend to 3.5 pence for the year, up from 3.35 pence in 2024.
Looking ahead, Bailey expressed concern about further potential tax increases for the sector, noting that "pubs and the wider hospitality industry are over-taxed."
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