Joseph Holt Brewery has reported financial results for the year ended 31 December 2022, with turnover of £70m.
The Manchester-based brewer and c125-strong pub operator reported turnover was up 69% on 2021’s £41m, but still marginally down on pre-pandemic levels, taking into account that 2022 was a 53-week year.
Operating profit improved to £5.1m against £3.6m the prior year.
According to the update, having “a strong freehold property base” was fundamental to recovery, in addition to the parent company renegotiating its banking facilities.
The £22m revolving credit facility was renewed for five years in December 2019, along with a £3m overdraft facility. Total group borrowings at year end were £4.9m, with committed facilities headroom of £20.1m.
“Despite a strong recovery following the experience of the Covid pandemic, the board continues to assess potential downside trading scenarios, especially as the current economic climate and cost of living crisis affects our customers’ levels of discretionary spend.”
