Liberation Group profits hit £9.5m
Group operating profit also increased from a loss of £9.38m to £2.52m, with group turnover rising from £68.3m to £99.7m
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The Liberation Group has reported its underlying EBITDA hit £9.53m, compared to a loss of £795m in 2021 for the 52 week period ended 29 January 2022, despite another year of disruption due to Covid.
Group operating profit also increased from a loss of £9.38m to £2.52m, with group turnover rising from £68.3m to £99.7m.
All in all, its Pubs and Inns saw turnover grow from £18.27m to £42.3m and Brewing and Distribution turnover increased from £50m to £57.4m.
UK sales grew 38% compared to 22% in 2021, while Channel Island sales were 62% down from 78% growth in 2021. Overall, managed food sales increased year-on-year by 3% and room sales grew 4%. However, managed drink sales declined 7% year-on-year.
However, the group made a loss in the first quarter of the year due to all markets and channels being impacted by government enforced closures of its pubs. Despite this, the group invested £9.6m in capital expenditure and ended the period with a lower net debt than at the start of the period.
Jonathan Lawson, CEO of Liberation Group, said: “So, looking forward, we are in good shape, with robust plans and quality teams to execute our strategy and are maintaining our strong investment plans for the year ahead to ensure that we continue to deliver the best experience possible for our customers.
“The Platinum Jubilee Weekend delivered a fantastic week of sales across our group and in allmarkets with a number of our pubs delivering record weekly sales. We were delighted that so many customers chose to celebrate this unique event with us.”
Richard Grainger, chairman, added: “We have worked really hard to stay focused on our long-term objectives whilst also maximising trading opportunities when they presented themselves and I am confident that we have emerged from the last two years a stronger and more coherent business.
“Looking forward we are confident in the relative position of our group and its ability to grow sales in all markets. We have a well invested and positioned pub estate, outstanding and award-winning brewing brands and fantastic teams of people in the UK, Jersey and Guernsey.”
