Hydes posts record turnover results

Salford-based brewer and pub retailer Hydes has announced a record turnover for its financial year.

The family-owned business, which is celebrating its 160th anniversary this year, delivered a turnover of £34.1m for the year ending 2 April 2023. This record turnover is up £5.8m on 2022’s figure of £28.3m. 

Despite the sales increase, due to a variety of financial pressures its operating profit of £2.2m was the same as 2022. While operating profit for 2023 did increase marginally, the previous year had government support in the form of grants and rates relief (£1.2m), plus VAT reductions on food and soft drinks.

"In a year marked by unprecedented challenges in the hospitality industry, Hydes has demonstrated remarkable resilience, innovation and customer loyalty, resulting in a record-breaking turnover in its 160th year of operation," says non-executive chairman Richard Lancaster. "This significant achievement not only highlights the brewery's commitment to delivering exceptional products and services but also underscores its integral role in the communities it serves. Investment in our pubs and our people is top priority and this will continue apace throughout the next financial year."

Costs, costs, costs 

Rising inflation, high energy costs, a tight labour market and rising interest rates all contributed to difficult trading conditions for Hydes and the hospitality industry as a whole. 

Accounts filed at Companies House also show that the brewery was impacted by significant cost increases in food and consumable goods. Staff recruitment, particularly in kitchens, also presented a challenge, resulting in higher payroll costs across Hydes’ managed pub estate. 

"Significant turbulence remains with inflation still high, interest rates expected to rise further and staff recruitment still proving to be a major headache," adds Lancaster. "However, our achievements over the past 12 months have paved the way for future growth. We enter the new financial year with strong trading momentum and confidence that we will continue to deliver on our strategy."

Hydes, with its brewery in Media City, has a retail estate of nearly 50 pubs across the north west of England and north Wales.

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