Skyrocketing profits decline by almost threefold at Sale Sharks proprietor's £1 billion conglomerate preceding its acquisition
Headline: TDR Capital-Owned Companies Post Mixed Financial Results for 2024
In the financial year of 2024, TDR Capital's portfolio companies, including supermarket giant Asda and fitness chain David Lloyd, reported mixed results. While Asda slumped back into the red, David Lloyd made a profit for the first time since TDR Capital's acquisition in 2024.
Asda's pre-tax loss for the latest financial year was a significant £599 million, a stark contrast to the £115.4 million pre-tax profit it would have achieved if not for non-underlying costs. Total sales of Asda rose by more than £1 billion in 2024, reaching £26.8 billion. However, excluding fuel, Asda's sales fell from £21.9 billion to £21.7 billion over the same period.
On the other hand, David Lloyd, which was repurchased by TDR Capital itself after the sale in 2023, reported a pre-tax profit of £32.2 million for 2024. The fitness chain's turnover jumped from £115.2 million to £144 million over the same period. David Lloyd, however, posted a pre-tax loss of £13.3 million for the year to 26 May, 2024, after having also made a £5.3 million loss in the prior 12 months.
TDR Capital's other investment, CorpAcq, bought a majority stake in UK steel contractor William Hare a few months ago. William Hare, with roots tracing back to 1888, has previously completed work on notable projects such as Media City in Salford, the headquarters of Aldar in Abu Dhabi, and the Bloomberg building in the City of London. CorpAcq's revenue increased from £696.2 million to £769.8 million in 2024. However, CorpAcq's pre-tax loss increased from £11.4 million to £33.8 million in 2024, with losses being impacted by £14.7 million of non-core professional fees related to a takeover and £6.2 million in share-based compensation.
Despite the losses, CorpAcq's board remains confident of continued growth during 2025. David Lloyd, too, is expected to build on its 2024 success, marking a promising future for TDR Capital's diverse portfolio.
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