Young's FY profit rises but 2019 sees 'tough' start
Pub operator Young & Co's reported a rise in full-year profit and revenue on Thursday as it hiked its dividend but cautioned that it had had a tough start to the year after the "amazing" summer of 2018 and the boost from the World Cup.
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In the year to 1 April 2019, adjusted pre-tax profit increased 5.9% to £43.4m on revenue of £303.7m, up 8.7% on the previous year.
Operating profit ticked up 2.5% during the year to £44.6m and adjusted basic earnings per share were 6.5% higher at 72.13p. The dividend per share was lifted by 6% to 20.78p.
Young's said the managed house division - which now makes up 95.6% of turnover - was the main driver of growth, with like-for-like sales up 5.1%.
Chief executive Patrick Dardis said: "Our riverside locations, beautiful gardens and growing number of roof terraces meant the business was well placed to take advantage of the fabulous summer weather and the performance of the England football team at the FIFA World Cup. The Christmas trading period was also very strong, with Young's pubs packed full of seasonal cheer and merriment."
Dardis said it's been a "tough" start to the year against very strong comparatives, with the only good weather coming in the Easter bank holiday this year.
"Looking ahead, the amazing weather throughout the summer of 2018 and England's World Cup success sets a high benchmark for the coming months," he said. "However, we remain confident that we will continue our strong growth story in the coming year."
At 1255 BST, the shares were down 0.4% at 1,840.55p.