Oakman Inn's earnings boosted but expansion drives up pre-tax losses
Pub operator Oakman Inns has posted adjusted business earnings of £1.2m for the year ending 1 April 2018 - up by more than £400,000 on the year before.
Group turnover increased by 19.5% over the period to £27.9m, while like for like sales increased by 6.8%. In turn site EBITDA grew by 23.8% to £5.3m, while group EBITDA grew by 43.5% to 2.4m.
However pre-tax losses grew exponentially after a year of expansion reaching £3.8m compared to the previous year's £205,500. More than £2.3m of this was made up of exceptional costs, including pre-opening costs of £659,655 and movement on deferred consideration of £998,226.
The pub firm closed the year with 19 sites, adding the Beech House in Amersham, the Cherry Tree in Olney to their ranks along with The Anchor which was acquired as a going concern.
The Anchor, a substantial freehold pub, will be developed into "a full Oakman Inn" in the coming year. As of December the brand holds 24 sites - with one under construction and another awaiting planning permission.
