McMullen revenues hit £100m in FY22

Brewer and pub operator McMullen’s has reported £101m in turnover for the 52 weeks ended in October 2022. 

Operating profit for the group also more than doubled to £13.4m, compared to £6m in 2021. 

McMullen’s said that the retail division particularly benefited from the developments in the previous year, reaching £94.2m revenues. Compared to pre-Covid turnover of £84.7m this represents a 9.2% growth for the period. 

However, the company’s own-brew production remains about 10% behind pre-Covid levels. McMullen’s reported that the brewery has maintained market share of draught beer but the category keeps being threatened by other drinks categories, particularly cocktails. 

Throughout the period, the company acquired Horse and Guardsman in Whitehall, the Cambridge Tap in Cambridge and the newly-built Warbler on the wharf in Milton Keynes. Before the period ended McMullen’s took into trade White Hart in Whitechapel and exchanged contracts to buy the Fisherman in Stevenage.

Charles Brims, chairman, said: “While I can report a pleasing increase in turnover, with the company achieving over £100m in annual turnover for the first time in its history, the ability to convert this turnover into profit has been eroded by cost inflation. Ultimately, the full year performance ended somewhere between the optimistic and pessimistic perspectives.

“This time we are going into the new financial year aware that inflation is running at a forty year high with the potential for more to come.”