Admiral Taverns profit "ahead of expectations"

Profits at pub group Admiral Taverns have come in higher than expected.

Following the release of its financial results for the 52 weeks ended 26 May 2024, profits at pub group Admiral Taverns have come in higher than expected.

The group delivered underlying profits of £59.7m (£55.9m in 2023) off a turnover of £194.5m (£182m in 2023) across its estate of over 1,400 pubs. 

Admiral says its continued growth has been underpinned by the group's strategy to acquire, develop and maintain a high-quality estate of individual, wet-led community pubs. Over the last 12 months, the pub company has invested £36.8m across the estate.

It also says it has been working to provide proactive measures to help licensees navigate a challenging macroeconomic environment. 

"I’m particularly proud of the strong progress we have made against our strategic plans, delivering profitable growth across our estate as we continue to expand our footprint and cement our position as a champion of UK community pubs," says Chris Jowsey, CEO of Admiral Taverns. "Indeed, in these evolving macro conditions, the resilience of our model has come to bear, and we anticipate a further structural shift towards leased and tenanted pubs. The investments made across our estate, with over £36m reinvested over the year in supporting our licensees to develop and improve their wet-led pub offering, have clearly been fundamental to helping drive trading performance. 

"However, it is perhaps the breadth of our wider support offering, from investment in energy saving initiatives to enhancements of our pub’s retail offering, that have been critical in helping our entrepreneurial licensees optimise profitable trade growth."

Still growing

With the backing of its investors Proprium Capital Partners, during the period Admiral acquired 37 sites from Fuller's and 18 sites from Marston’s.

It also accelerated the growth of its wet-led Proper Pubs division, with 34 sites converted during the period, taking this division to more than 200 pubs.   

"As we look to the future, we remain focused on driving further improvements to enhance our support offering and will continue to look for opportunities to expand our community pub estate," adds Jowsey. "Current trading is ahead of our expectations, demonstrating the strength and resilience of our business and estate, and the group remains well positioned to continue to deliver profitable group growth and sustained strategic progress. 

"I’d like to end by extending a huge thank you to our entire team, including our publicans for their continued hard work and dedication and look forward to working together to deliver further progress in 2025."


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