RedCat losses widen to £31m in FY23
Group directors have expressed satisfaction with its financial results, in the context of the challenging economic background
RedCat Pub Company has reported that net losses after tax widened to £31m during the year ending 2 April 2023, up from £5.4m in the year before.
This comes despite the pub group achieving a turnover of £120.5m, up from £62.8m in 2022, and gross profits of £89.2m, rising from £47.2m.
However, adjusted EBITDA fell during the year to April 2023 to £3.6m from £7.2m in the year before.
RedCat directors have expressed satisfaction with the group’s results, in the context of the challenging economic background, as they attributed higher energy prices, input costs and the cost of living crisis to geopolitical events.
During the period, RedCat acquired a total of 17 sites through a combination of trade and asset and share purchase agreements.
As of April 2023, the company traded from 121 sites with an estate of 1,394 rooms to let.
In the 2023/24 financial year, the RedCat anticipates improved trading across the portfolio, notwithstanding the continuing challenging economic conditions.
The group continues to invest in its current estate, having recently completed the refurbishments of The George Hotel in Amesbury; The Tudor House Hotel in Tewksbury; The Kings Arms in Godalming; and The Manor House Hotel in Blakeney.