Stonegate revenues hit £916m in H1
During the period, the leased and tenanted estate demonstrated “consistent” growth with like-for-like sales 6.2% up on the equivalent period in the prior year
Stonegate group’s revenues reached £916m in the 28 weeks ended 7 April 2024.
Adjusted H1 EBITDA for the group was up 7.7% to £196m, compared to £182m for the same period in 2023, with a particularly strong performance from L&T and operator-led businesses.
During the period, the leased and tenanted estate demonstrated “consistent” growth with like-for-like sales 6.2% up on the equivalent period in the prior year. Craft Union, the group’s operator-led business, delivered like-for-like sales of 3.1% and the managed estate delivered flat like-for-like sales across the period.
EBITDA margin in H1 was up 1.3% to 21.3%, highlighting the “positive impact” of Stonegate’s performance improvement and efficiency initiatives.
David McDowall, chief executive of Stonegate Group, said: “I am pleased to report a very strong first half. We have delivered a rise in revenue and a significant increase in profitability. Our all-round performance exemplifies the strength and depth of the Stonegate estate, with our outstanding Craft Union and L&T divisions continuing to lead the way.
“This is testament to the hard work of our people and partners, but also to the success of our on-going initiatives to increase profitability across our portfolio of brands and venue formats. This in turn has driven a strong improvement in our overall EBITDA margin.”
McDowall added: “Our performance gives me real confidence in the future and excitement in seeing our strategy come to fruition. Notably our asset optimisation plan which makes sure we have the right pub in the right location, further profit improvement initiatives, and above all our efforts to continue to support the Great British pub. With the Euros now and a summer of sport on the horizon, we are looking forward to building on this momentum in the months ahead.”
