Hydes posts ‘record’ £34.1m turnover in FY23

Salford-based brewer and pub operator, Hydes, has announced a record turnover of £34.1m for the year ending 2 April, an increase of £5.8m on last year’s total of £28.3m. 

The company has partially attributed its performance to decisions made in previous years to fix energy costs until 2024, having entered into long-term contracts with major suppliers to ensure the business was “shielded from some of the worst financial impacts of inflation”.

While accounts filed at Companies House reported that the brewery was impacted by cost increases in consumable goods and higher payroll costs across kitchen recruitment, FY23 still saw an operating profit of £2.2m, level with last year’s total. 

Richard Lancaster, non-executive chairman of Hydes, said: “In a year marked by unprecedented challenges in the hospitality industry, Hydes has demonstrated remarkable resilience, innovation, and customer loyalty, resulting in a record-breaking turnover in its 160th year of operation. 

“This significant achievement not only highlights the brewery’s commitment to delivering exceptional products and services but also underscores its integral role in the communities it serves. Investment in our pubs and our people is top priority and this will continue apace throughout the next financial year.” 

He added: “Significant turbulence remains with inflation still high, interest rates expected to rise further and staff recruitment still proving to be a major headache. However, our achievements over the past 12 months have paved the way for future growth. We enter the new financial year with strong trading momentum and confidence that we will continue to deliver on our strategy.”

Hydes operates nearly 50 pubs ranging from Lancaster in the North to Stoke-on Trent in the Midlands and across to North Wales, including a wide selection of dining destination outlets, craft-style bars and traditional community pubs.