Lancashire-based pub operator and brewer Daniel Thwaites has reported a turnover of £108.8m for the year to March 2023, up from £96m the prior year and passing £100m for the first time since 2015.

Turnover from pubs and inns rose from £52.1m to £57.7m, while pre-tax profits were up from £12.7m to £15.1m. EBITDA decreased from £20.1m in 2022 to £19.1m.

The company said it is in a “strong position to rebuild profits over the next few years,” due to significant falls in utility prices, lower price inflation, and a rise in consumer confidence.

It has said its well-invested property portfolio and premium positioning provides scope to grow margins and profits and regain its pre-pandemic momentum.

The company has total borrowing facilities of £82m, giving headroom of £15.3m.

Chairman Richard Bailey commented: “After a strong start in the first half of the year, the environment became significantly more difficult in the second half. Despite reasonably strong increases in top line sales, increased utility costs and rising prices across a broad spectrum of goods, together with a very poor Christmas, meant it was a struggle to convert sales to profit during the quieter months.

“In recent years, the business has become more orientated towards the summer months and more weather reliant, and last year that certainly played an important factor. The winter was overall mild, but late winter was characterised by a prolonged period of colder and wet weather, which did not kick start the traditional spring uplift in business until after Easter.”