Thwaites (Daniel) Plc Annual Financial Report

 
TIDMTHW 
 
DANIEL THWAITES PLC 
 
RESULTS FOR YEARED 31 MARCH 2023 
 
CHAIRMAN'S STATEMENT 
 
This last year was our 216th year in business, and one in which the Company 
delivered a strong set of results against a backdrop of a disruptive war in 
Ukraine and higher inflation than we have seen for some time. 
 
After a strong start in the first half of the year, the environment became 
significantly more difficult in the second half. Despite reasonably strong 
increases in top line sales, increased utility costs and rising prices across a 
broad spectrum of goods, together with a very poor Christmas, meant that it was 
a struggle to convert sales to profit during the quieter months. 
 
In recent years the business has become more orientated towards the summer 
months and more weather reliant and last year that certainly played an 
important factor. The winter was overall mild, however late winter was 
characterised by a prolonged period of colder and wet weather which did not 
kick start the traditional spring uplift in business until after Easter. 
 
Results 
 
In challenging conditions, the financial performance has been strong, with 
turnover increasing by 13.3% to £108.8m (2022: £96.0m) and an operating profit 
of £12.3m (2022: £13.3m).  The earnings per share was 21.9p (2022: 20.6p). 
 
Net Debt at 31 March 2022 was £66.7m (2022: £61.6m), which is an increase since 
our interim results at 30 September 2022 as a result of investment in our 
properties. 
 
The Bank of England has continued to respond to higher inflation by raising 
interest rates at an accelerated pace to 4.5%, their highest level since 2008. 
As I have detailed before, increases in interest rates and the discount rate 
used to value the Company's pension scheme and swap liabilities have a positive 
impact on their mark to market valuations. As a result, we have seen a decrease 
of £6.6m in our swap liabilities and a decrease in our pension liabilities of £ 
21.1m.  Once more the pension scheme is in an actuarial surplus, now evaluated 
to be £32.2m and as a result the Company has for the time being ceased paying 
contributions. 
 
The profits retained for the year together with these mark to market gains 
provided a net asset value per share at the year-end of £4.12 (2022: £3.62). 
 
Acquisitions, Developments and Disposals 
 
During the year we have not acquired any trading assets, although we have 
acquired a small number of houses for staff accommodation, a process that we 
believe is complete for the time being. 
 
We have started to make significant investments after pausing during 2020 and 
2021, which were disrupted by the pandemic and in the year invested £15.6m 
(2022: £13.5m). 
 
The Company has sold four bottom end pubs and two ancillary properties with 
total proceeds of £3.1m (2022: £7.5m). 
 
Dividend 
 
The Company reinstated the final dividend last year and was able to pay an 
interim dividend at the half year as its profits recovered. The Board has 
historically looked to maintain a dividend cover of more than two times 
underlying earnings per share, however the Company continues to face 
significant uncertainty and headwinds. 
 
Notwithstanding that, we understand that the dividend is important to our 
shareholders and as a result the Company recommends a final dividend of 2.4p 
(2022: 2.2p). 
 
Board changes 
 
On November 2022, in line with the Yerburgh Family's constitution, Oscar 
Yerburgh passed on the role of family non-executive director to his sister Rosy 
McKinley. I know that Oscar will continue to take an active interest in the 
business, and is hugely supportive of, and engaged in, its future development. 
I would like to thank him for his valuable perspective and contribution to our 
Board discussions over the past six years. 
 
People 
 
Daniel 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. 
 
Our Pride of Daniel Thwaites Awards highlight all the outstanding efforts made 
by individuals and teams across the Company. This year's Awards were our most 
successful yet, with over 700 nominations. All across the business, people 
called each other out for the amazing contributions being made by their 
colleagues, day in day out - there were many inspirational stories, crucial to 
the well-being and motivation of our friends and colleagues. 
 
The last year has been a difficult one for many of our team members and their 
families as they have confronted the same inflation challenges that the 
business has faced and I would like to thank them all for the resilience and 
fortitude with which they have continued to support the Company. 
 
I would also like to thank our shareholders, your support has helped to 
stabilise the business and put it on a stronger footing for the future. 
 
Outlook 
 
It seems that inflation should ease this coming year, energy prices are 
dropping fast in the spot markets and we are seeing evidence of a plateauing in 
food and other costs. We have opportunities to convert price decreases into our 
own cost prices and will work hard to grow our sales whilst delivering margin 
recovery this year. 
 
The factors that have shaken consumer confidence are going into reverse; for 
the moment recession has been avoided and employment numbers are strong. Our 
properties are well invested and better staffed than they have been for some 
time and the corporate and short break domestic leisure markets are showing 
good bookings for the summer. We are seeing strong performances in some of our 
pubs and as a result we look to the coming year with cautious but increasing 
confidence. 
 
R A J Bailey 
Chairman 
20 June 2023 
 
 
OPERATING REVIEW 
 
Overview 
 
There was much to be positive about in a year that was overshadowed by the war 
in Ukraine and a lot of media hype and fear about the cost of living crisis and 
potential recession. This had the potential to dampen customer demand for the 
pubs, hotels and inns, and whilst there was undoubtably an impact, it was 
pleasing that total sales moved forward by more than 13%. 
 
Staffing of the teams across the whole business continued to be a challenge, 
with higher than inflation labour cost increases from the national minimum wage 
and shortages in some locations and certain roles. The measures that we have 
put in place over the past 18 months, including buying more staff 
accommodation, increasing the use of our sponsorship licence for foreign 
nationals, retention bonuses in some of the seasonal businesses and increasing 
our pay and benefits particularly for younger people helped to fill the 
majority of our vacancies. 
 
A decline in other income, relating to furlough and government grants last year 
which ended in April, was reinforced by increases in our input costs, 
particularly on food, and later in the year on utilities. The joint effect of 
these cost increases was a particular challenge and we were unable to recoup 
all of the increases through our selling prices, consequently our margins have 
been eroded, at least in the short term. Pitching prices at the right level to 
be competitive, whilst setting at a level to address the rising cost base, 
required several different rounds of price adjustments over the course of the 
year. 
 
We initiated a comprehensive review of our energy usage with the objective of 
reducing it by 20%, partly through investment and partly through better 
operating practices. We have invested in solar panels, although securing panels 
has been challenging, we have invested locally in more low voltage lighting, 
looked at voltage optimisation, re-examined older boilers, installed log 
burning fires in the pubs, installed EndoTherm - an energy saving heating 
system additive, addressed our property Building Management Systems to 
harmonise best practice as well a number of other localised initiatives. Energy 
usage has been a major focus and this will serve us well for the future, 
notwithstanding reductions in energy prices. 
 
In addition, we are focused on minimising food wastage, and weigh and report 
the amount of food wastage in each of our managed properties on a daily basis. 
We are rolling out the learnings to our tenanted pubs. 
 
This has been a very challenging year which has seen lower operating profits. 
However, the actions that we have taken, together with the decline in the oil 
and gas prices, means that as inflationary pressure ease we are well placed to 
move forward. 
 
Financial results 
 
Turnover for the year was £108.8m, (2022: £96.0m), an increase of 13.3%. The 
operating profit for the year was £12.3m, (2022: £13.3m). The profit before 
tax, which benefited from a mark to market gain on interest rate swaps was £ 
15.1m (2022: £12.7m). Net debt increased to £66.7m, (2022: £61.6m) an increase 
of £5.1m. At the year end the company had banking facilities of £82m, giving 
headroom to its debt facilities of £15.3m. 
 
Last year's results benefited from government support in the form of business 
rate concessions, lower rates of VAT and grants. This support was withdrawn 
from 1 April 2022 with the exception of the 2022/23 Retail, Hospitality and 
Leisure Business Rates Relief (RHL) scheme which provides eligible, occupied, 
retail, hospitality, and leisure properties with a 50% relief, up to a cash cap 
limit of £110,000 per business from 1 April 2022 to 31 March 2023. This was of 
benefit to our tenanted pubs but our managed properties did not qualify. 
 
Pubs and Inns 
 
Understanding our Pubs 
 
Our freehold estate of tenanted pubs numbers approximately 210 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.  In the trading environment 
during the pandemic the geographic diversity of the pub estate and the lack of 
exposure to major city centres has provided some resilience. 
 
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 weather and so are 
subject to the vagaries of the British summer. 
 
Pubs performance 
 
The turnover of our tenanted pubs increased year on year by 10%, with EBITDA 
and operating profit declining marginally in real terms. 
 
This performance was achieved despite significant disruption in the estate from 
closed pubs and pubs that needed to be re-let, which numbered between 20-25 
pubs throughout the year, higher than our historic average. We are continuing 
to receive high numbers of enquiries from new customers and are taking care to 
make sure that we match candidates to pubs that we believe will be successful 
for both parties. 
 
In addition, we have an increasing number of pubs on our Way-Inn Franchise 
Agreement, which helps to keep pubs open when an operator leaves and we do not 
have an operator ready to take the pub on with a traditional brewery tenancy, 
these have increased to 15 pubs at the year end. 
 
Beer volumes increased by 1% year on year with wines and spirits up by 4% and 
soft drinks 2% ahead. These results reflected an improving trend in the 
performance of the pubs as people rediscovered the pub over the year after the 
disruption in the previous two years. Our gross margin improved by 2%, 
reflecting an ongoing and well-established move towards more premium, higher 
margin products across all categories. Machine income was a highlight with good 
growth in the year as a result of an ongoing movement to more attractive 
digital machines. 
 
The media coverage of the cost of living crisis, labour shortages and supply 
chain inflation, in addition to the well publicised increase in utility prices 
have all contributed to a general squeeze on the profitability from running a 
pub. Financial support was extended to smaller pubs by the government on 
business rates and also through the Energy Bill Relief Scheme. Despite this 
scheme, independent operators have suffered from dysfunctionality in the 
utility market and many have been trapped in high price contracts, as they were 
forced to contract for periods of up to a year by the utility companies at the 
very worst time in the last year's utility price spike. Wherever possible we 
have stepped in to provide further financial support to good, proactive and 
talented tenants who have been asked to bear extremely high risk premiums on 
utility rates for the hospitality industry as well as the host of other 
pressures caused by inflation. 
 
The investments that we have made to improve pub gardens and outdoor trading 
spaces over the past few years, have been very successful in maximising the 
opportunities when the weather permits. We have continued to invest in our 
pubs, although in the current environment the appetite to increase risk from 
pub tenants is reduced and so large investment schemes are more difficult to 
deliver. We have completed major schemes in the year at The Observatory, 
Blackburn, The Highlands, Blackpool and The Stamford Arms, Stalybridge. 
 
Brewery 
 
Our craft brewery continues to go from strength to strength. It has won awards 
for the quality of its ales and the customer feedback on the beers is very 
positive, although the cask market has been challenged by changing habits.  We 
have received new design awards for our beer range during the year, including 
our Majestic Imperial IPA at the Craft Brewers Conference in Nashville. 
 
We are in the final stages of developing and launching a new craft keg range 
which we believe will support the future of our brewery. Cask beers have 
struggled to maintain their appeal over recent years, as trend have shifted to 
world lagers and craft keg products. The ability to deliver a high quality cask 
range will continue to underpin our beer range and brewery for the future. 
 
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 turnover in the inns increased by 11% on the previous year, which was a 
creditable performance given that in the previous year we had benefitted from 
lower rates of VAT.  Despite this increase being at about the headline rate of 
inflation it was not sufficient to offset major increases in our labour and 
food costs and, later in the year, utilities. The combination of these factors 
meant that earnings dropped significantly year on year, a factor that we hope 
will reverse in the coming year. 
 
We continue to believe that the market for our inns is an attractive one, and 
when the conditions are right, they trade very well. The biggest scheme of the 
year was an upgrade of eleven bedrooms at the Manor House at The Red Lion, 
Burnsall. We acquired staff accommodation in Beverley and Settle, which will be 
of a significant benefit this coming year in helping us to recruit full teams. 
 
Our sponsorship licence has been invaluable if assisting to build our teams by 
sponsoring foreign workers to join us. We have recruited people into both our 
kitchen and front of house teams for roles that we could not fill from within 
the United Kingdom. 
 
We have applied for planning permission to convert Lendal House in York, which 
we acquired in October 2021, into bedrooms to complement The Judge's Lodging 
and we hope to be able to make progress on this project in the coming year. 
 
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 16%, with spa and health and beauty treatments performing 
extremely well, up 28% on the previous year. In addition, our corporate 
business rebounded strongly as the demand for meeting rooms, conferences and 
events increased by 56% compared to 2022.  As elsewhere in the business our 
sales were not able to keep up with the increases in the cost base and overall 
profits declined by 11% year on year. 
 
In September 2022 we closed Langdale Chase for a major refurbishment and 
repositioning of the offer and have high expectations for its future. This is a 
major undertaking and the project is currently on budget and on time, with a 
planned reopening date for November 2023. 
 
Despite a tough trading year we have continued to invest in our guest offer and 
experience, refurbishing rooms at Middletons Hotel, North Lakes Hotel and Spa 
and Kettering Hotel and Spa and feedback on our new bedrooms has been very 
positive. We also rolled out our second Fyr Restaurant at the Solent Hotel and 
Spa, after its success at the North Lakes, and have invested in the restaurant 
terrace at Thorpe Park Hotel and Spa. 
 
Summary and future developments 
 
The escalation of the war in Ukraine and the knock on impact to utilities and 
food prices, when taken with double digit increases in the minimum wage, made 
the past year a challenge, with the pub and hospitality industry particularly 
badly affected. Wherever possible we have sought to protect our profitability 
through efficiency gains and price rises, although we have worked had to 
mitigate these wherever possible. 
 
On a like for like basis once the withdrawal of £1.7m of government support in 
the previous year has been taken into account the Company has held the line and 
placed itself in a strong position to rebuild profits over the next few years. 
 
The redevelopment of Langdale Chase is an important and strategic development 
which we expect will make a worthwhile contribution in the coming years. 
Elsewhere, we continue to underpin the quality of our offering through 
continued innovation and investment. 
 
We are seeing significant falls in utility prices, back towards their historic 
norms, and there is hope that this will now feed through in terms of lower 
price inflation or price decreases. It seems that much of the fear over the 
cost of living crisis should recede in the coming months and as it does we 
would expect consumer confidence to increase and our customers to spend more 

freely. The Company is in a good position to take advantage of this and its 
well invested property portfolio and premium positioning gives it the scope to 
be able to grow its margins and profits. 
 
We are very positive about the prospects for our properties and are now focused 
on regaining the growth and momentum we had prior to the pandemic and growing 
our business and profits. 
 
Financial Review 
 
Results 
 
Turnover for the year ended 31 March 2023 increased by 13% to £108.8m (2022: £ 
96.0m), whilst operating profit was 8% lower at £12.3m (2022: £13.3m) 
 
The measurement of the interest rate swaps at fair value resulted in a credit 
to the profit and loss account of £6.6m (2022: £3.8m). 
 
Profit before taxation for the year was £15.1m (2022: £12.7m). 
 
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: 
 
                                                                    2023         2022 
 
Group                                                                 £m           £m 
 
Turnover                                                           108.8         96.0 
 
EBITDA                                                              19.1         20.1 
 
Depreciation                                                         6.8          6.8 
 
Operating profit                                                    12.3         13.3 
 
Profit before tax                                                   15.1         12.7 
 
Net debt                                                            66.7         61.6 
 
Earnings per share (pence)                                          21.9         20.6 
 
Pubs and Inns                                                         £m           £m 
 
Turnover                                                            57.7         52.1 
 
EBITDA                                                              17.6         18.8 
 
Depreciation                                                         3.2          3.2 
 
Operating profit (before Group central charges)                     14.4         15.6 
 
Average number 
Tenanted                                                             211          219 
Managed                                                               14           14 
 
Hotels & Spas                                                         £m           £m 
 
Turnover                                                            51.1         43.9 
 
EBITDA                                                               9.3         10.1 
 
Depreciation                                                         3.1          3.1 
 
Operating profit (before Group central charges)                      6.2          7.0 
 
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 
 
During the year the £10m of interest rate swaps were settled at a cost of £ 
0.2m, leaving £45m of interest rate swaps at 31 March 2023, which are 
recognised as a financial liability.  The recent increases in interest rates 
and expectations of further increases led to a reduction in the fair value of 
these interest rate swaps, which resulted in a credit to the profit and loss 
account for the year ended 31 March 2023 of £6.6m (2022: £3.8m). See note 18 to 
the financial statements for further details. 
 
Interest payable 
 
Net interest payable increased slightly to £4.1m (2022: £4.0m) despite the 
increase in bank base rate during the year, as £45m of the debt is long term 
loans at fixed interest rates. 
 
Taxation 
 
There is a tax charge of £2.2m on the profit for the year, an effective rate of 
14.6%. 
 
Earnings per share 
 
Earnings per share of 21.9p (2022: 20.6p). 
 
Dividend 
 
An interim dividend of 0.75p has been paid and the Board recommends a final 
dividend of 2.4p per share, which will make a total of 3.15p for 2023 (2022: 
2.2p), an increase of 43%. 
 
Cash ?ow and ?nancing 
 
The Group's net borrowing increased by £5.1m, from £61.6m at 31 March 2022 to £ 
66.7m at 31 March 2023 due to capital expenditure. 
 
The Group has £45m of long-term debt, £22m of bank loans, £1.7m of overdrafts 
and cash balances of £2.0m at 31 March 2023. The Group has three-year revolving 
credit bank facilities which were renewed in the first quarter of 2023. 
 
Pensions 
 
The Group made contributions to the defined benefit pension schemes of £0.8m 
(2022: £1.3m). Whilst these schemes were closed in August 2009, the Group is 
committed to the long-term funding of the schemes. At the 31 March 2023 the 
schemes had a combined surplus, before tax, of £32.2m which was an increase of 
£22.1m from £10.1m, before tax, at 31 March 2022. Due to this surplus, the 
Group agreed with the Trustees to suspend paying contributions to the scheme 
from December 2022. 
 
The increase in the surplus was due a significant fall in liabilities due to 
increases in bond yields during the year. 
 
Property 
 
During the year we sold four pubs and two ancillary properties for a total of £ 
3.1m generating a profit against book value, after disposal costs, of £1.4m. 
 
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 £2.0m, of which £2.4m was added to the 
revaluation reserve and £0.4m 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. At 31 
March 2023 a financial liability of £3.6m has been recognised in respect of 
these interest rate swap contracts. 
 
Going Concern 
 
At 31 March 2023 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 £66.7m at 31 March 
2023, this gave headroom of £15.3m. 
 
The Company has generated positive operating cashflows over the period, such 
that it has invested £15.6m in capital expenditure during the year and has 
comfortably met 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. 
 
The Directors therefore believe that the Company has the cash flows and 
facilities to meet its needs for the foreseeable future. 
 
Kevin Wood 
 
Finance Director 
 
20 June 2023 
 
EXTRACT FROM AUDITED FULL FINANCIAL STATEMENTS FOR THE YEARED 
 
31 MARCH 2023 
 
GROUP PROFIT AND LOSS ACCOUNT 
 
                                                                                    2023    2022 
                                                                                     £'m     £'m 
 
Turnover                                                                           108.8    96.0 
 
Cost of sales                                                                     (85.2)  (72.7) 
 
Gross profit                                                                                23.3 
                                                                                    23.6 
 
Distribution costs                                                                 (4.4)   (3.3) 
 
Administrative expenses                                                            (8.4)   (9.4) 
 
Other operating income                                                               0.1     1.7 
 
Operating profit before                                                             10.9    12.3 
property disposals 
 
Property disposals                                                                   1.4     1.0 
 
Operating profit                                                                    12.3    13.3 
 
Net interest payable                                                               (4.1)   (4.0) 
Gain on interest rate swaps 
measured at fair value                                                               6.6     3.8 
 
Finance income (charge) on                                                           0.3   (0.4) 
pension liability 
 
Profit on ordinary activities                                                               12.7 
before taxation                                                                     15.1 
 
Taxation on profit for the year                                                    (2.2) 
                                                                                          (0.6) 
 
Profit on ordinary activities                                                               12.1 
after taxation                                                                      12.9 
 
Earnings per share                                                               21.9p     20.6p 
 
 
 
 DANIEL THWAITES PLC 
 
GROUP BALANCE SHEET 
At 31 March 2023                                                                2023     2022 
                                                                                 £'m      £'m 
 

___________________________________________________________________________  _______  _______ 
 
Fixed Assets 
 
Tangible assets                                                                302.0    292.9 
 
Investments                                                                      0.8      0.6 
___________________________________________________________________________  _______  _______ 
 
                                                                               302.8    293.5 
 
Current assets 
 
Stocks                                                                           0.9      0.7 
 
Trade and other debtors                                                          5.9      5.5 
 
Cash at bank and in hand                                                         2.0      5.4 
___________________________________________________________________________  _______  _______ 
 
Creditors due within one year                                                    8.8     11.6 
 
Trade and other creditors                                                     (20.0)   (20.6) 
 
Loan capital and bank overdraft                                                        (22.0) 
___________________________________________________________________________    (1.7)  _______ 
                                                                             _______ 
 
 
                                                                              (21.7)   (42.6) 
 
 
Net current liabilities                                                       (12.9)   (31.0) 
___________________________________________________________________________  _______  _______ 
 
Total assets less current liabilities                                          289.9    262.5 
 
Creditors due after one year                                                  (80.1)   (60.0) 
___________________________________________________________________________   ______  _______ 
 
 
Net assets excluding pension asset                                             209.8    202.5 
___________________________________________________________________________  _______  _______ 
 
 
Pension asset                                                                   32.2     10.1 
___________________________________________________________________________  _______  _______ 
 
Net assets including pension asset                                             242.0    212.6 
___________________________________________________________________________  _______  _______ 
 
Capital and reserves 
 
Called up share capital                                                         14.7     14.7 
 
Capital redemption reserve                                                       1.1      1.1 
 
Revaluation reserve                                                             77.2     75.1 
 
Profit and loss account                                                        149.0    121.7 
 
___________________________________________________________________________  _______ ________ 
 
 
Equity shareholders' funds                                                     242.0    212.6 
___________________________________________________________________________ ________ ________ 
 
DANIEL THWAITES PLC 
 
GROUP CASH FLOW STATEMENT 
 
For the year ended 31 March 2023 
 
                                                                                2023          2022 
                                                                                 £'m           £'m 
__________________________________________________________________________   _______       _______ 
 
 
Cash flow from operating activities                                             16.8          28.2 
 
Tax (paid) received                                                            (2.0)           1.4 
 
Cash flow from financing activities                                            (7.2)        (17.9) 
 
Cash flow from investing activities                                           (12.7)         (6.0) 
 
Equity dividends paid                                                          (1.7) 
__________________________________________________________________________   _______             - 
                                                                                           _______ 
 
 
(Decrease) increase in cash and cash equivalents                               (5.1)           5.7 
Cash and cash equivalents at beginning of year                                   5.4         (0.3) 
__________________________________________________________________________   _______       _______ 
Cash and cash equivalents at end of year                                         0.3           5.4 
Loan capital                                                                  (67.0)        (67.0) 
__________________________________________________________________________   _______       _______ 
Net debt                                                                      (66.7)        (61.6) 
 
Reconciliation of net cash flow to movement in net debt 
 
(Decrease) increase in cash                                                                    5.7 
                                                                                 5.1 
 
Cash flow from decrease in debt                                                               11.5 
___________________________________________________________________________        -       _______ 
                                                                             _______ 
 
                                                                                              17.2 
                                                                               (5.1) 
 
Net debt at beginning of year                                                 (61.6)        (78.8) 
___________________________________________________________________________  _______       _______ 
 
 
Net debt at end of year                                                       (66.7)        (61.6) 
___________________________________________________________________________ ________      ________ 
 
 
 
END 
 
 

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June 21, 2023 05:12 ET (09:12 GMT)