11th Nov 2021 16:37
Young & Co's Brewery PLC - Wandsworth, south London-based pub chain - Declares 8.55 pence per share interim dividend, after none a year before, as it swings back to profit and completes the sale of most of its tenanted pubs. Young's reports GBP22.2 million pretax profit from continuing operations in the 26 weeks that ended on September 27, swung from the exact same size loss a year before, as revenue nearly triples to GBP149.6 million from GBP52.7 million. A cash infusion of GBP53.0 million from the sale of 56 tenanted pubs to Punch Pubs & Co helps reduce net debt to GBP140.3 million from GBP248.7 million six months before.
"Strong trading since the reopening of our pubs has helped us celebrate 190 years as a business in a position of strength," Young's says. "With the UK economy in lockdown at the start of the period, we were keen to get back to business once initial restrictions were lifted in April. Demand was strong from day one, and we enjoyed some encouraging trading weeks."
In the past 13 weeks, total sales are 7.9% ahead of 2019 and up 2.7% on a like-for-like basis. Young's notes that even central London pubs have started to pick up in the past few weeks.
Current stock price: 1,480.00p, up 2.8% on Thursday
Year-to-date change: up 13%
By Tom Waite; [email protected]
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