Heartstone Inns sees surge in revenues and profits
The board believes that its continued investment will ‘help maintain its premium position in its local markets’
Heartstone Inns has reported a 11% rise in revenues to £9.6m for the year ended 31 December 2023.
The group’s operating profit also increased from £3.1m to £3.4m. However, the group’s EBITDA slightly dipped from £1.8m to £1.7m, representing a pub EBITDA margin of 18% compared with 21.0% last year.
Despite the trading difficulties, the company stated that it has used its cash reserves to continue its investment in its estate with £349,809 of capital additions in 2023, following an investment of £480,936 in 2022.
Additionally, the group stated that it continues to have a number of further developments at various stages of the planning process which it intends to progress over the next 12 to 36 months.
The board believes that its continued investment will “help maintain its premium position in its local markets”.