Daniel Thwaites PLC - Lancashire, England-base pub and hotel chain - Pretax profit nearly halves to GBP8.5 million in the six months that ended September 30 from GBP15.7 million a year before. Turnover increases by 4.1% to GBP60.3 million from GBP57.9 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 GBP8.6 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 GBP70.6 million on September 30, up from GBP61.1 million a year before, but the company says it has "comfortable headroom" against its total banking facilities of GBP82 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%

By Tom Waite, Alliance News editor

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