19th Jun 2024 09:46
(Alliance News) - Young & Co's Brewery reported annual revenue growth and lifted its dividend in what it labelled a "landmark year" that saw the London-based brewer complete an acquisition that added to its pub and hotel chain.
Revenue was GBP388.8 million in the 52 weeks that ended April 1, up 5.4% from GBP368.9 million in the 53-week prior financial year. On a comparable 52-week basis, revenue was up 7.4%, Young's said.
However, pretax profit fell 43% to GBP20.7 million from GBP36.2 million. The profit fall was due to transaction costs related to its City Pub Group acquisition, a lower property revaluation, and an impairment. Adjusted pretax profit rose 9.3% to GBP49.4 million from GBP45.2 million.
Young's lifted its final dividend by 6.0% to 10.88p from 10.26p. It gives a total dividend for the year of 21.76p, rising 6.0% from 20.52p.
"In a landmark year for Young's, we have reported another excellent financial performance with industry leading profitability. This is once again testament to the excellent work and energy of our teams and our proven strategy of operating premium, individual, differentiated and well-invested pubs and bedrooms," Chief Executive Officer Simon Dodd said.
Young's said it completed its GBP162 million cash-and-shares takeover of City Pub Group in March and integration of the business progressing as planned. City Pub Group is a London-based owner and operator of 55 pubs.
This brings the total the Young's pub estate to 288 pubs and added 240 bedrooms to the hotels in some of those pubs, giving the company 1,066 in total now.
Young's said the new financial year has started strongly, with managed house revenue in the past nine weeks up 24% when including City Pub Group and 2.4% on a like-for-like basis.
"We are heading into a feast of summer sporting events, starting with Euro 24, Wimbledon and the Olympics. Then we look forward to making the most from the return of the Autumn rugby internationals which provides a fantastic opportunity given our rugby heritage," Dodd said.
Young's shares were down 1.4% at 974.00 pence early Wednesday in London.
By Tom Waite, Alliance News editor
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