Stonegate results show "resilience of British pubs"
Stonegate Group has issued its results for the 53 weeks ended 29 September 2024.
Following its results for the 53 weeks ended 29 September 2024, Stonegate Group has said last year "once again demonstrated the resilience of the Great British Pub".
Total revenue for the period across the group was £1,747m, compared to £1,719m generated in last year's figures.
Of the £1,747m, the managed segment contributed £974m (down from £1,011m), while the leased and tenanted pubs together contributed £440m (£427m last year) and the operator-led segment contributed £333m (£281m in 2023).
Pre-exceptional operating profit for the period was £336m (2023: £293m) and post-exceptional operating profit for the period was £249m (2023: £68m). Loss before tax at Stonegate was £214m (2023: loss of £257m).
"While the macroeconomic environment continues to have an impact on the group and the cost of living crisis has led to lower profit and operating cashflows than would otherwise have resulted had these conditions not existed, overall the group has delivered a highly respectable performance, further demonstrating the resilience of its high quality pub portfolio," Stonegate says in its statement.
Investment and disposals
During the period, Stonegate spent £148m on expansionary, conversion and maintenance capital and disposed of 70 trading sites, five non-licensed and two non-trading property in the period for net proceeds of £58m.
"Despite the ongoing challenges in the hospitality sector, 2024 has once again demonstrated the resilience of the Great British Pub," says the business. "The growth in both top-line and bottom-line metrics for our Pub Partners and Craft Union businesses reflects the dedication and hard work of our publicans and operators.
"The success of the Euros in 2024, highlighted by England's impressive run to the final, exemplifies our mission to Bring People Together through our passion for pubs, bars and venues. Our initiatives focused on asset optimisation, pricing strategies and retail media
continue to drive overall profitable growth. While we anticipate significant cost pressures, especially in labour, we are well-positioned to maintain our trajectory of profitable growth moving into 2025."
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