Butlin’s has reported pre-tax profit for 2024 reached £28.4m – a 138 percent increase on the prior year when losses totalled £74.2m – as the heritage holiday park company benefitted from revaluation of its resorts in Bognor Regis, Minehead and Skegness.
Butlins has reported pre-tax profit of £28.4m for the 12 months to 31 December 2024, after revaluations at its resorts in Bognor Regis, Minehead and Skegness added £38.7m to the company’s balance sheet.
The profit represents a 138 percent increase on the prior year, when the company recorded losses of £74.2m, despite group revenue declining from £292.7m to £287.5m as customers faced “challenging economic conditions.”
“This was a good year for our business as we continued to upgrade our facilities and multi-skill our more than four thousand team members nationwide,” said CEO Jon Hendry Pickup.
“Against a challenging macroeconomic backdrop characterised by high interest rates and dwindling consumer confidence, we produced a robust performance for 2024, with group revenue and total guest weeks stabilising.”
Guest week volumes for the year fell from 718,739 in 2023 to 717,215 in 2024, however the decline was marginally offset by weekly spend per guest rising from £170 to £171, which in turn helped operating profit increase 169 percent from a loss of £60.6m to £41.8m.
Reporting on the impact of the park revaluations, hospitality journal Propel wrote “the annual property valuation performed at Bognor Regis resulted in a revaluation gain of £6.3m, while valuations at Minehead and Skegness resulted in revaluation gains of £32.4m.”
Hendry Pickup confirmed that “demand for holidays in the UK remained strong despite consumers facing challenging economic conditions across the year,” adding “the economic backdrop remains challenging.”
“With Butlin’s turning 90 in 2026, we’re immensely proud of the role we’ve played in so many communities around the country. Our priority now is to continue investing in our resorts to ensure Butlin’s guest proposition continues to be attractive for generations to come.”
Speaking to City AM in September, Hendry Pickup confirmed Butlins is looking to expand its estate with the potential for a new resort in the north west of England, stating it would be a few years further down the line.”
“We’d be really interested to see what we can do in the long term with somewhere in the north west.”
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Jon Hendry Pickup said… “Against a challenging macroeconomic backdrop characterised by high interest rates and dwindling consumer confidence, we produced a robust performance for 2024, with group revenue and total guest weeks stabilising…
