Dorset's Hall & Woodhouse announces annual results
Dorset ale and pub company Hall & Woodhouse has announced reports of encouraging growth in a number of areas in its annual financial report results.
The firm announced that underlying profit before tax recovered in the year to 28 January 2023 had risen to £4.4 million, a considerable increase on the £1.6 million posted in 2022.
Total Profit before Tax was reported at £10.4 million. The company said this was due to profits on disposal of non-strategic assets and the marking to market of its interest rate swaps.
Net debt rose to £55.7 million, an increase on the debt posted in 2022 (£45.3 million), as the firm completed the purchase of three new Managed Houses (the Red Barn, Woolacombe, the Wiremill, Lingfield and the Royal Lion, Lyme Regis).
It also opened the Frog, Mindenhurtst and maintained its investment across its Managed House and Business Partner estate.
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Anthony Woodhouse, Chairman said: ‘'Our post pandemic plan was to return to close to normal levels of trading and profitability but, as I warned last year, the terrible war in Ukraine had a profound effect on the economy with rapid inflation not seen since the 1980s.
''Although revenue levels were encouraging, margins were squeezed as costs and wages rose at a greater pace than we were able to pass on to our guests and customers. In this environment the profit outturn was a creditable performance, although still well below pre pandemic levels.
'‘Our Managed House business, where our results are more operationally geared to the volatile external environment, suffered the brunt of the margin squeeze.
‘'Business Partnerships had a solid year performing as expected, showing the robustness of this business model. We have a high quality estate with high quality Business Partners with who we genuinely work in partnership. We were delighted to be awarded the Publican Tenanted Pub Company of the year in recognition of this.
'‘We continued to reap the benefits of our well established Badger and Rio brands and our world class brewing operation. Although off trade volumes fell as expected as the on trade reopened, this was offset by the recovery in trade volumes and new contract and own label business.''
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