Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Daniel Thwaites PLC - Lancashire, England-base pub and hotel chain - Pretax profit nearly halves to £8.5 million in the six months that ended September 30 from £15.7 million a year before. Turnover increases by 4.1% to £60.3 million from £57.9 million, but the company records smaller gains from property disposals and from interest rate swaps measured at fair value. Operating profit before property disposals is unchanged at £8.6 million. Says that after a strong start to the half-year for pubs amid ‘fine spring weather’, sales are hurt by a wet July and August before rebounding with a ‘glorious start to September’.
Net debt is £70.6 million on September 30, up from £61.1 million a year before, but the company says it has ‘comfortable headroom’ against its total banking facilities of £82 million. Raises its interim dividend by 13% to 0.85 pence per share from 0.75p.
Daniel Thwaites says it looks to the future with ‘tempered optimism’ despite looming triggers to cost inflation, higher interest rates, and the withdrawal of UK government support for pubs through business rates relief.
Current stock price: 90.00 pence
12-month change: down 12%
Copyright 2023 Alliance News Ltd. All Rights Reserved.