Thwaites, the Lancashire-based brewer and pub operator, saw like-for-like sales grow 2.5% in the year to 31 March.
During the year the group acquired two hotels and sold 17 pubs from the bottom of the estate, taking it to a total portfolio of 240. Average EBITDA per pub increased by 5% during the year with beer volumes declining c5% in favour of wines, spirits and soft drinks.
During the year the group completed 25 development projects within the estate, with retruns ahead of its hurdle rate of 20%.
The group also trialled some new managed concepts at pubs where a considerable level of investment was required and said these remained under review.
The group also carried out a review into the operational structure of its hotels business during the year.
Chairman Ann Yerburgh said: “Once again the last year has been an extremely busy one, with continuing investment in a good number of large and high quality investment schemes. We are working hard to settle in our new investments and are pleased with the early results from them. The successful launch of the Beverley Arms will be a significant part of our growth this coming year and the recruitment and training of the new team there has our full attention.
“Our priority this year will be to cement the performance of the investment projects delivered last year, of which there are a good number, and to make a success of the new operational and management structure in our hotels. The delivery of our new website will give us a better opportunity to market our hotels directly to our guests, rather than through third parties. We also look forward to finalising our plans for the development of Langdale Chase. The business has good momentum and in the absence of any shocks we expect to make continued progress.
“We will be highly selective in making any further acquisitions, but should the opportunities present themselves we will seek to acquire additional outstanding properties in great locations to grow the business for the future.”
