Hydes FY turnover hits ‘record’ £40.8m

Manchester-based Hydes’ Brewery has reported a record turnover of £40.8m for the year ended 30 March 2025, surpassing last year’s £39.3m despite poor summer trading conditions and ongoing cost pressures.

The brewer and pub operator revealed that profits dipped only marginally, with operating profit before exceptionals at £2.2m and EBITDA at £4.5m, down £0.6m and £0.3m respectively. 

Hydes pointed to soaring energy bills following the expiry of fixed-rate contracts, and another above-inflation rise in the National Minimum Wage, as major challenges.

According to the company’s notes in its filing at Companies House, converting strong sales into profit is “becoming more challenging each year” amid stubborn inflation, high interest rates, and political uncertainty both in the UK and abroad. 

Nevertheless, Hydes’ managed pub estate delivered a 4% sales uplift, with like-for-like sales excluding refurbished sites rising by 6%. Growth was led by food-led pubs, although profits were hit by energy cost increases.

The company completed refurbishments at the Victoria in Withington, the Nursery Inn in Stockport, and the Hornsmill in Helsby, while rooms at its Abel Heywood boutique hotel in Manchester’s Northern Quarter were also refreshed. Hotel occupancy remained high, at 93% for Abel Heywood and 89% at Wilmslow Lodge.

Meanwhile, the Tenanted Estate once again outperformed expectations on both sales and profit, with the Wheatsheaf in Lymm transferring to tenancy late in the year.

Hydes credited its workforce for the strong performance, noting it had been shortlisted for Pub Group of the Year at the National Pub and Bar Awards. Employee surveys continue to show strong engagement, with ongoing emphasis on equality, diversity, and inclusion.

Looking ahead, the group warned of “strong headwinds” from rising labour costs, National Insurance increases, and weak consumer confidence. However, management said the company is well-placed to weather the challenges, supported by a high-quality pub estate, strong brewing volumes, and a dedicated workforce.

Richard Lancaster, non-executive chairman of Hydes, said: “We go into the new financial year with renewed determination to deliver on our strategy. Our focus will remain on ensuring the long-term future of the company while continuing to provide outstanding hospitality and value for our customers.”