Hydes has reported record turnover of £39.3m, growth of £5m on the previous year.

Reporting numbers for the year ended 31 March 2024, the Salford-based brewer and pub operator benefited from long term contracts with major suppliers and fixed energy costs.

Consumer spending proved resilient for Hydes, with strong sales over Christmas, Easter and the early part of the financial year.

National Minimum Wage increases were a significant cost challenge, but the company strategy to keep prices competitive was awarded by customer loyalty, the company said.

Hydes said it kept its estate to a high standard, with quality refurbishments and the first freehold acquisition for a number of years.

Brewery volumes increased sharply – up 38% - and the tenanted estate performed well.

The Harry Beswick opened in November 2023, the first acquisition since 2015.

Operating profit before exceptional items was £2.8m (growth of £0.6m year-on-year), with EBITDA of £4.8m (up £0.9m).

The business noted £174k in exceptional items, relating to a write down in value of a small number of sites.

The majority of sales and profit growth came from Hydes’ managed estate, which was up 14% in sales compared to 2023.

On a like for like basis, sales were up 12%.

Food-led sites were responsible for the largest proportion of sales and profit growth.

Refurbishment schemes were completed at the Crown Inn and James Watts in Cheadle and the Vine Inn in Nantwich. In the final quarter, refurbs were carried in at the Abel Heywood in Manchester City Centre and the Mount Inn in Chester.

Two sites, the Cheshire Cheese near Crewe and Jailor’s Barrel in Lancaster were transferred to tenanted.