22nd May 2014 12:41
LONDON (Alliance News) - Young & Co's Brewery PLC Thursday reported an increase in both its profit and revenues for its most recent financial year, as Londoners spent more on pub food and drink.
The pub operator reported a pretax profit of GBP26.6 million for the year ended March 31, up from GBP21.4 million a year earlier, supported by an 8.8% increase in revenues to GBP210.8 million, from GBP193.7 million the prior year.
The group proposed a 6% increase in its final dividend, resulting in a total dividend for the year of 15.52 pence, up from 14.63 pence a year earlier.
"This was another excellent year, with strong revenue and profit growth, particularly when compared with last year which included the Olympics. Our focus on London and the south east is a real advantage... the improving economic picture is increasing customer confidence which we are seeing in both footfall and spending patterns, with customers trading up in both drink and food," said Chief Executive Stephen Goodyear in a statement.
Young & Co's said that its new financial year has also started off well, with managed house revenue in the first seven weeks up 8.5%, and 7.2% on a like-for-like basis.
The group said that last year food sales outperformed drink once more, with total food sales up 11.2% and 7.6% on a like-for-like basis. Total and like-for-like drink sales were up 10.2% and 6.3% respectively.
"Our hotel performance has also been strong, with room rates up GBP0.96, occupancy up 2.9% points and revenue per available room up by GBP2.76 to GBP52.02," the company said.
During the year, the group invested a total of GBP33.6 million in the business, of which it invested GBP19.8 million in its existing estate, and acquired two new managed and three tenanted pubs.
Shares in Young & Co were trading 0.3% higher at 1,030.25 pence Thursday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Young & Co's Brewery