Thwaites celebrates 4% rise in half-year profit

Pub operator and brewery, Daniel Thwaites has reported a strong start to the financial year after releasing its half-year results. Turnover is up 9% compared to the same time last year and profit is up 4%.

Chairman Ann Yerburgh (pictured) said, “The successful investments made in our properties last year, in particular, the Lister Barn at Malham and the Boot and Shoe at Lancaster, together with the acquisition of Middletons Hotel in York and Langdale Chase in Windermere, have helped to underpin this performance.

“These strong results have been achieved despite poor summer weather as well as having to absorb significant cost pressures from increases in the National Living Wage, business rates and high levels of food cost inflation.”

The interim results showed sales in the inns have increased by 18% compared to last year, and sales in the hotels and spas have grown by 14%. During the period, the company invested £2.7m in its pubs.

The company is continuing its investment programme, with a further £14m committed – including a significant redevelopment of The Beverley Arms in Beverley, and the construction of a new brewery, head office and stables in Mellor Brook.

Yerburgh added, “The groundwork has been laid over the past few years to deliver this good set of half-year numbers and we are hopeful that this success will carry through into the second half of the year.

“A number of investment projects were completed in the first half, which we hope will contribute to continued growth.”