Thwaites (Daniel) Plc - Annual Financial Report
PR Newswire
LONDON, United Kingdom, June 17
DANIEL THWAITES PLC
RESULTS FOR YEAR ENDED 31 MARCH 2025
CHAIRMAN'S STATEMENT
The Company has delivered a solid set of results in a year that saw a challenging business environment following on from the general election and tax raising measures put in place in the autumn budget. A full year contribution from the reopening of Langdale Chase in the Lake District has contributed to growth in operating profit.
The first half of the year was affected by customers being cautious with their spending during the general election campaign. Once the new government was in place, the prime minister and chancellor spent months prior to an autumn budget talking the economy down. Whilst the UEFA European Football Championships provided a welcome fillip for a few weeks, the general national mood, played out in the media, inevitably had an impact on how the general public felt about their discretionary spend. Generally, this made for a difficult time in our pubs and hotels, which did well to maintain sales.
In the second half of the year we undertook several major investment schemes, with associated disruption to the trading performance. These investments are now open and I am pleased to say that they look great, customer feedback is good and they are trading well.
In March we were pleased to be able to agree a new long-term supply agreement with Carlsberg Britvic, which secures our logistics for the next decade and is with a partner with whom we have an established and successful relationship. We look forward to continuing to work with Carlsberg Britvic, as well as our other drinks suppliers, in the coming years.
Results
Turnover for the year to 31 March 2025 grew by 4.4% to £120.6m (2024: £115.5m).
Operating profit before property disposals grew by 4.4% to £11.8m (2024: £11.3m). The earnings per share increased by 4% to 12.9p (2024: 12.4p).
Net Debt on 31 March 2025 was £71.4m (2024: £70.8m), which is an increase of £0.6m due to continuing investment in our properties.
Interest rates fell from 5.25% at the start of the year to 4.5% at the end of March 2025. This reduction is slower than previously forecast and consequently we have seen a gain on our interest rate swaps measured at fair value of £1.2m and our swap liabilities have reduced to £1.7m.
Our historic defined benefit pension scheme continues to show a surplus of £29.7m (2024: £34.9m). A triennial valuation was agreed by the year end, as a result the Company does not expect to be required to contribute to either the scheme or its running costs for the foreseeable future.
The profits retained for the year together with the cumulative impact of these positive factors on our balance sheet provided a net asset value per share on 31 March 2025 of £4.31 (2024: £4.26).
Acquisitions, Developments and Disposals
In March 2025 we acquired the Buck Inn in Malham, where we already own and operate the Lister Arms. This acquisition will allow us to provide differentiated propositions in this honeypot location in the Yorkshire Dales.
Capital expenditure of £14.7m (2024: £18.3m) whilst a reduction from last year was still a sizeable investment to improve the quality and offerings in our properties.
During the year we sold three bottom end pubs and two ancillary properties with total proceeds of £2.1m (2024: £3.8m).
Dividend
An interim dividend of 0.9p (2024: 0.85p) was paid in January 2025 and the Board recommends a final dividend of 2.6p (2024: 2.5p). The Board will keep the level of dividend under review, continuing to assess the level of future dividend in the light of Company performance.
Board
I would like to recognise the contribution made to the Company by Susan Woodward, who joined the Company in 1978 and became Company Secretary in 2004. Susan has retired from the Company after 46 years and we wish her well in her retirement.
I am delighted that Kevin Georgel agreed to join the Company as a non-executive director from 1 June 2025. Kevin is currently the Chief Executive of family-owned St Austell Brewery in Cornwall and was previously Chairman of the British Beer and Pub Association and the former CEO of Admiral Taverns.
People
Thwaites is unbeatable when it harnesses the immense power of a family of teams working together, collectively we are more than the sum of our parts and it is this that makes Thwaites different and more successful than much of our competition.
We stand out from the crowd because our teams are friendly, welcoming, helpful and prepared to go the extra mile. You hear it time and again whenever you travel across our business. It underpins our reputation and our success.
I would like to thank all of our employees for their hard work over the past year to help the Company deliver a robust performance.
I would also like to thank our shareholders, your support has helped us to come through a rocky few years, but the Company is in excellent shape for the future and on a sound financial footing.
Outlook
We have started the year with a sustained period of good weather, which has demonstrated that if you are ready, when the conditions are right, pubs and hotels benefit from being a familiar favourite for the great British public. Our investments from last year are open and going well, the outdoor investments that we have made over the last few years are doing their job.
After some political uncertainty last year things feel more settled, however we are wary of more tax increases for the sector. It is already under tremendous pressure from last October's increases to National Minimum Wage and National Insurance, as well as increased Business Rates through reduction in reliefs. Pubs and the wider hospitality industry are over-taxed, and we hope the government has got the message that enough is enough.
It seems that businesses are more active than they were last year, and that bodes well for our hotels. Further interest rate reductions are forecast, which should serve to ease the burden on businesses, our customers and the cost of servicing the enormous national debt.
Thwaites has built the most diversified portfolio of hospitality assets in the UK, with a fantastic collection of pubs, inns, hotels and spas and the future is bright as we continue to refine and grow the business and look for new opportunities.
R A J Bailey Chairman 17 June 2025 |
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OPERATING REVIEW
Overview
The Company got off to a strong start in April, with a period of sunny weather helping the pubs and inns to post strong early results. On 22 May 2024 the prime minister unexpectedly announced a general election, sooner than had been anticipated. This had an immediate effect on people's spending habits as uncertainty over the possibility of a new government made people more cautious.
Once the result of the general election on 5 July was known it took the new government until 30 October to present the autumn budget, and the intervening period was filled with gloomy proclamations about the legacy that had been inherited and negativity in the media, none of which helped to restore or build confidence.
The tax rises in the autumn budget were worse than feared, particularly the increase in National Insurance contributions for employers. This has created a headwind that pubs and hospitality could have done without, and businesses have spent much of the time since then working out how to mitigate these increases in employment costs and taxes, which for Thwaites amounts to £2.7m per annum.
Much of the year was very wet, although some good weather coincided with the UEFA European Football Championships in July and when the conditions were right the pubs and inns traded well. The hotels suffered from UK holiday makers travelling overseas and the corporate hotel market was weak throughout the year.
The inflationary environment which has been a problem for the past few years has eased, and as a result interest rates have been falling and are forecast to drop further over the course of this year. As a result, we have renegotiated a number of our key supply contracts and have been able to achieve some savings.
Towards the end of the year, we upgraded our hotel property management system to Opera Cloud, which has been in our development pipeline for some time and is a major move forward. Despite the usual risk associated with major infrastructure changes and unforeseen problems, I am pleased that the upgrade was implemented by the team without any hitches and now future proofs the hotel systems, enabling us to interface with other systems more easily and improves billing automation and our customer journey.
We continue to look at ways in which technology can enable the business to work more efficiently and are keeping a close eye on the development of artificial intelligence to enhance sales and save costs, particularly labour. Over the summer we implemented Trybe which assists online sales in our leisure clubs and spas.
In the new year we adopted Reputation, which measures the quality of our service in our managed properties. We believe that this will bring a step change in helping us to understand and benchmark our guest experience and engagement.
We continued to invest in the business and are seeing the returns flowing from those investments. During the year the hotels suffered from disruption from a major scheme at the Solent Hotel & Spa and towards the end of the year we shut both the Bulls Head, Earlswood and Royal Oak, Keswick for full refurbishments.
Financial results
Turnover for the year was £120.6m, (2024: £115.5m), an increase of 4.4%. The operating profit for the year was £12.2m, (2024: £11.5m). The profit before tax, which benefited from a mark to market gain on interest rate swaps was £9.8m (2024: £9.1m). Net debt increased to £71.4m, (2024: £70.8m) an increase of £0.6m. At the year end the company had banking facilities of £82m, giving headroom to its debt facilities of £10.6m.
Pubs and Inns
Understanding our Pubs
Our freehold estate of tenanted pubs numbers approximately 200 properties. We continue to recycle capital into new, more attractive tenanted and managed pub opportunities, where there is the potential to invest and add value and so we continue to dispose of pubs that we do not believe have a long-term future with us.
Our pub estate encompasses community locals to destination food led pubs in both rural and town centre locations, ranging geographically from Cumbria to the Midlands, and from North Wales to Yorkshire.
We have been operating tenanted pubs for a long time, and we have a strong reputation for our well-established approach. We strongly value our reputation as a partner of choice, acting with integrity, and focusing on investing alongside proven operators to expand and improve the premises with a focus on establishing good quality food offerings. Where the property has the scope, and we believe the demand exists, we support the development of letting bedrooms. We have an estate of high quality, sustainable businesses with multiple income streams that have the ability to generate attractive cashflows.
Our tenanted pubs are a mature business, looking to deliver returns at least in line with inflation. They tend to be heavily influenced by the weather and so are subject to the vagaries of the British summer.
Pubs performance
The turnover of our tenanted pubs decreased year on year by 1%, with EBITDA and operating profit both flat on the previous year.
The pub market continues to be extremely tough, although a number of pubs that had been closed at the end of last year were reopened during the year and we have been successful in reletting pubs when they become vacant.
The number of pubs that needed to be re-let started the year at 20, with eleven closed pubs. We ended the financial year with 15 vacancies, 25% less than the previous year end and 40% less than the end of 2023. At the time of writing the number of pubs to be re-let has continued to fall and stands at ten, with two pubs under offer. As a result, we have reverted much closer to our traditional vacancy rate of around 6%. Our talent bank of prospective tenants is very strong and enquiries from parties looking to run their own business in one of our pubs are high and we continue to see high quality candidates coming forward.
We have developed our WayInn franchise agreement, which initially we used to keep pubs open when an operator leaves and we do not have another party ready to take the pub on with a traditional brewery tenancy. This has now become a core agreement, and we have nine pubs on a long term agreement, and three on a transitional basis. The WayInn agreement has become popular with larger pub companies, and it provides us with flexibility and options as the pub market continues to change.
Beer volumes decreased by 2% year on year with wines and spirits down by 3% and soft drinks 1% down. Tenanted pub sales decreased by 1% and gross margin fell by 2%, largely as a result of the strength of Guinness sales, which has become very popular over the past few years. Gaming machine income continued a good run, up strongly year on year as digital machines and changes in the market provided attractive conditions.
We had a very busy year of investment into the tenanted pubs with seven major schemes. Transformational schemes were delivered at The Duke, Blackpool; Red Lion, Stockton Heath; Ye Olde Fighting Cocks, Arnside; Harts Head, Giggleswick; Garlands, Blackpool; Old Horns, Higher Bradfield and Hare and Hounds, Foulridge.
In April 2025 the government reduced business rate relief to smaller pubs from 75% to 40%, which in real terms is a cost increase. This at a time when minimum wage increases are being imposed at above inflation rates and national insurance for employers is being raised. The direction of travel on taxation for pubs is unsustainable, is inflationary and is in danger of making a trip to the local pub a luxury. The government has been warned of this but appears either to be deaf to it or does not care.
To add insult to injury, ill thought through reforms to packaging legislation and the extended producer charge mean that from 1 April 2025 pubs will be charged for their waste, which is really a domestic tax, and which effectively means they are paying twice.
There is an opportunity to provide relief via the reform that has been promised of business rates in 2026, and it is critical that this is not some ham-fisted fudge and a new rates multiplier is set at a level that delivers real terms savings and provides pubs with some respite.
Understanding our Inns
We own and manage a growing portfolio of inns, and we will continue to look to expand this segment of our business in the future through the acquisition of high-quality properties in outstanding locations.
Our Inns are positioned at the premium end of the market, they have a busy bar at their core, a home cooked food offering and high quality, comfortable accommodation - they focus on providing outstanding hospitality and offer an attractive and more personal alternative to the mid-market hotel chains.
This segment of the market has performed strongly over the past few years and is positioned for continued growth as customers look for something special that is authentic and honest, delivered by operators who can provide a quality experience consistently.
Inns performance
The inns have had another good year of growth with sales increasing by 4% on the previous year, and once more we delivered strong growth in our drink sales. We planned for a rebound in the profitability of the inns this year and so it was encouraging to record that EBITDA increased by 19% overall, a strong performance.
The market for our inns is an attractive one, and when the conditions are right, they trade very well as we have seen when the suns shines. The biggest scheme of the year was delivered in refurbishing the bedrooms at the Golden Lion, Settle and The Fleece, Cirencester. In March 2025 we shut both the Bulls Head, Earlswood and Royal Oak, Keswick for full refurbishments. These two properties have now reopened and are trading strongly.
During the year we changed the way that we deliver food innovation and consistency by restructuring our management of the kitchens. The early signs from this change are extremely positive and are demonstrating higher attention to detail, quality and on plate delivery, which in turn will improve food margins.
Understanding our Hotels & Spas
We own and operate ten hotels which are spread across England. Our hotels are positioned towards the premium end of the market and most have leisure and spa facilities. In recent years we have invested in them to amplify the individual character of each hotel in its local area, supported by a great food and drink offering with local nuances. Our vision, similar to our inns, is to create a collection of interesting, characterful contemporary hotels, that are the best in their local area.
Hotels & Spas performance
Turnover increased by 8%, largely because of the contribution that Langdale Chase made this year. The rates that we are achieving in the Lake District have made an impact on the overall rooms yield, however our revenue management system also played its part and as a result rooms yield increased year on year by 11%.
Spa treatment sales have had a strong run but declined in the year as our customers tightened their purse strings. Our spas continue to be a key driver of performance and reason for customers to visit us. The closure of the Solent Hotel pool hall for refurbishment in the autumn not only had an impact on spa sales but had a significant impact on the occupancy of the hotel over this period.
We are pleased with the progress made at Langdale Chase following reopening after refurbishment in 2023. For the second year running it has been listed in the Times Top 100 Hotels in the UK and is shortlisted in the 2025 Cateys Awards as best new hotel. The reviews and customer feedback continue to be positive, and its reputation is growing all the time. Whilst there was no sustained period of good weather in the Lake District last year, which meant that the National Park had a poor summer, the recent period of good weather and growing awareness has seen some extremely strong results
During the year we invested in bedrooms at the North Lakes Hotel & Spa and Cottons Hotel & Spa and in solar panels on the roof of Thorpe Park Hotel & Spa, the largest scheme that we have undertaken to date with over 600 panels.
The refurbished pool hall at the Solent Hotel & Spa has delivered a transformational offering that has enabled us to increase club membership by 16% since reopening. The gym at Kettering Park Hotel & Spa also saw a refurbishment to our latest design, which was warmly welcomed by members.
Summary and future developments
The Company has delivered both top line growth and growth in operating profit of 4.4% in the past year. This has been delivered against a backdrop of political uncertainty and fragile consumer confidence.
We have undertaken several significant capital investments to continue to improve the quality of our assets, and the financial results have been delivered despite the disruption that this has inevitably caused.
We get asked a lot about how we are getting on with Langdale Chase, and we are pleased with the way that it is going but it has more to give as it continues to establish itself as the best hotel in the north of England.
The inns are trading well and whilst the pubs have had a tricky year, largely as a result of poor weather, we have more open this year than last and they have traded very well when the conditions have been in their favour.
We completed on the acquisition of the Buck Inn, Malham in March 2025 which we were pleased to be able to secure, and which will trade as one of our Inns.
The general trading environment feels more settled than it has done for some time, although we are extremely nervous of additional tax increases in the Autumn. Furthermore, we would like to see increases to National Minimum Wage over the next few years more closely aligned to inflation.
Financial Review
Results
Turnover for the year ended 31 March 2025 increased by 4% to £120.6m (2024: £115.5m), whilst operating profit was 6% higher at £12.2m (2024: £11.5m).
The measurement of the interest rate swaps at fair value resulted in a gain in the profit and loss account of £1.2m (2024: £1.3m).
Profit before taxation for the year was £9.8m (2024: £9.1m).
Business Review
The key issues facing the Group are covered in the Chairman's Statement and Strategic Report. The KPIs used by the Group to monitor its overall financial position can be summarised as follows:
| 2025 | 2024 |
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Group | £m | £m |
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Turnover
| 120.6
| 115.5
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EBITDA | 18.9 | 18.0 |
Depreciation | 6.7 | 6.5 |
Operating profit | 12.2 | 11.5 |
Profit before tax | 9.8 | 9.1 |
Net debt
| 71.4
| 70.8
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Earnings per share (pence) | 12.9 | 12.4 |
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Pubs and Inns |
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| £m | £m |
Turnover | 63.6 | 63.0 |
EBITDA | 17.8 | 17.1 |
Depreciation | 3.2 | 3.2 |
Operating profit (before Group central charges) | 14.6 | 13.9
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Average number Tenanted Managed |
197 14 |
204 14 |
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Hotels & Spas |
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| £m | £m |
Turnover | 57.0 | 52.5 |
EBITDA | 10.5 | 9.1 |
Depreciation | 3.1 | 2.9 |
Operating profit (before Group central charges) | 7.4
| 6.2
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Average number
| 10 | 10 |
The principal non-financial indicators monitored by management are:
Pubs and Inns
Utility consumption, health and safety incidents, beer volumes, customer ratings and tenant recruitment.
Hotels
Utility consumption, room occupancy rates, customer ratings, health and safety incidents, spa memberships and wedding and event numbers.
Interest rate swaps measured at fair value
The Group holds derivative liabilities in the form of interest rate swaps for £45m which are recognised as a financial liability. The movement in the fair value of these interest rate swaps during the year resulted in a gain in the profit and loss account for the year ended 31 March 2025 of £1.2m (2024: £1.3m).
Interest payable
Net interest payable increased to £5.3m (2024: £5.2m) due to slightly higher debts levels and higher interest rates.
Taxation
There is a tax charge of £2.2m on the profit for the year, an effective rate of 22.4%.
Earnings per share
Earnings per share of 12.9p (2024: 12.4p).
Dividend
An interim dividend of 0.9p has been paid and the Board recommends a final dividend of 2.6p per share, which will make a total of 3.5p for 2024 (2024: 3.35p).
Cash ?ow and ?nancing
The Group's net borrowing increased by £0.6m, from £70.8m on 31 March 2024 to £71.4m on 31 March 2025 due to capital expenditure.
The Group has £45m of long-term debt, £29m of bank loans and cash balances of £2.6m on 31 March 2025. The Group has three-year revolving credit bank facilities which are due to be renewed in the first quarter of 2026, which is less than twelve months from the date of approval of the balance sheet. Consequently, bank loans are shown within current liabilities on 31 March 2025.
In addition, the first amortisation of the £45m of long term debt, of £4.5m, is due to be paid in December 2025, which is less than twelve months from the date of approval of the balance sheet and therefore also shown within current liabilities on 31 March 2025.
Pensions
The defined benefit pension scheme had a surplus, before tax, of £29.7m on 31 March 2025 which was a decrease of £5.2m from the surplus of £34.9m, before tax, on 31 March 2024.
The Group did not pay any contributions into the scheme in the year and the scheme paid all its administration costs.
Property
During the year we sold three pubs and two ancillary properties for a total of £2.1m generating a profit against book value, after disposal costs, of £0.4m.
In line with our accounting policy, 20% of our properties were subject to a formal revaluation, and additionally an impairment review was carried out on the rest of our property estate. This resulted in an increase in the total value of our property portfolio of £1.4m, of which £2.2m was added to the revaluation reserve and £0.8m deducted from cost and charged to the profit and loss account.
Treasury policy and ?nancial risk management
Treasury policies are subject to Board approval. All borrowings are in sterling and comprise a mixture of fixed interest loans and facilities carrying SONIA related floating rates. The Group has interest rate swaps for £45m where it is committed to pay the difference between SONIA and fixed interest rates. On 31 March 2025 a financial liability of £1.7m has been recognised in respect of these interest rate swap contracts.
Going Concern
On 31 March 2025 the Company had total borrowing facilities of £82m, which were made up of the long-term loan of £45m, revolving credit facilities of £35m, and overdraft facilities of £2m. When compared to net debt of £71.4m on 31 March 2025, this gave headroom of £10.6m.
The Company has generated positive operating cashflows over the period, which has allowed it to invest £14.7m in capital projects during the year, whilst comfortably meeting all of its banking covenants. Its financial modelling shows that it is expected to be cash generative and meet its banking covenants for at least the next twelve months from the date of signing the financial statements.
The revolving credit facilities are due to be renewed in the first quarter of 2026 and the directors believe that this process will have a satisfactory outcome.
The directors therefore have a reasonable expectation that the Group has sufficient resources to continue in operational existence, and meet its liabilities as they fall due, for the period of at least 12 months from the approval of these financial statements. Accordingly, the directors continue to adopt a going concern basis of preparation of these financial statements.
Kevin Wood
Finance Director
17 June 2025
EXTRACT FROM AUDITED FULL FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 MARCH 2025
GROUP PROFIT AND LOSS ACCOUNT
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| 2025 £'m | 2024 £'m | |||||
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Turnover |
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| 120.6 | 115.5 | |||||
Cost of sales |
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| (93.9) | (90.1) | |||||
Gross profit |
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| 26.7 | 25.4 | |||||
Distribution costs |
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| (5.1) | (5.4) | |||||
Administrative expenses |
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| (9.9) | (8.8) | |||||
Other operating income |
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| 0.1 | 0.1 | |||||
Operating profit before property disposals |
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| 11.8 | 11.3 | |||||
Property disposals |
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| 0.4 | 0.2 | |||||
Operating profit |
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| 12.2 | 11.5 | |||||
Net interest payable Gain on interest rate swaps measured at fair value |
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| (5.3) 1.2 | (5.2) 1.3 | |||||
Net finance income on pension asset |
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| 1.7 | 1.5 | |||||
Profit on ordinary activities before taxation |
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| 9.8 | 9.1 | |||||
Taxation on profit for the year |
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| (2.2) | (1.8) | |||||
Profit on ordinary activities after taxation |
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| 7.6 | 7.3 | |||||
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Basic and diluted earnings per share 12.9p 12.4p
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DANIEL THWAITES PLC
GROUP BALANCE SHEET At 31 March 2025 |
2025 £'m |
2024 £'m |
___________________________________________________________________________ | _______ | _______ |
Fixed Assets
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Tangible assets | 319.9 | 312.2 |
Investments ___________________________________________________________________________ | 0.8 _______ | 0.8 _______ |
| 320.7 | 313.0 |
Current assets
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Stocks | 0.9 | 0.9 |
Trade and other debtors | 7.3 | 6.7 |
Cash at bank and in hand ___________________________________________________________________________ | 2.6 _______ | 3.2 _______ |
Creditors due within one year | 10.8 | 10.8 |
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Trade and other creditors | (20.8) | (20.7) |
Loan capital and bank overdraft ___________________________________________________________________________ | (33.5) _______ | - _______ |
| (54.3) | (20.7) |
Net current liabilities ___________________________________________________________________________ |
(43.5) _______ |
(9.9) _______ |
Total assets less current liabilities | 277.2 | 303.1
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Creditors due after one year Deferred tax ___________________________________________________________________________ | (42.2) (11.3) ______ | (76.6) (10.6) _______ |
Net assets excluding pension asset ___________________________________________________________________________ |
223.7 _______ |
215.9 _______ |
Pension scheme asset ___________________________________________________________________________ |
29.7 _______
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34.9 _______ |
Net assets including pension asset ___________________________________________________________________________ | 253.4 _______ | 250.8 _______
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Capital and reserves |
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Called up share capital | 14.7 | 14.7 |
Capital redemption reserve | 1.1 | 1.1 |
Revaluation reserve | 80.1 | 78.6 |
Profit and loss account | 157.5 | 156.4 |
___________________________________________________________________________ | _______ | ________ |
Equity shareholders' funds ___________________________________________________________________________ |
253.4 ________ |
250.8 ________ |
DANIEL THWAITES PLC
GROUP CASH FLOW STATEMENT
For the year ended 31 March 2025
__________________________________________________________________________ | 2025 £'m _______ | 2024 £'m _______ |
Cash flow from operating activities |
20.7 |
18.4 |
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Tax paid | (1.7) | (1.3) |
Cash flow from financing activities | (5.0) | 2.2 |
Cash flow from investing activities | (12.6) | (14.5) |
Equity dividends paid __________________________________________________________________________ | (2.0) _______ | (1.9) _______ |
(Decrease) increase in cash and cash equivalents Cash and cash equivalents at beginning of year __________________________________________________________________________ Cash and cash equivalents at end of year Loan capital __________________________________________________________________________ Net debt
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(0.6) 3.2 _______ 2.6 (74.0) _______ (71.4)
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2.9 0.3 _______ 3.2 (74.0) _______ (70.8)
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Reconciliation of net cash flow to movement in net debt
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(Decrease) increase in cash | (0.6) | 2.9 |
Cash flow from decrease in debt ___________________________________________________________________________ | - _______ | (7.0) _______ |
| (0.6) | (4.1) |
Net debt at beginning of year ___________________________________________________________________________ | (70.8) _______ | (66.7) _______ |
Net debt at end of year ___________________________________________________________________________ |
(71.4) ________ |
(70.8) ________ |
Note
The full Annual Report and Accounts 2025 are available on the website: www.thwaites.co.uk
