Pub giant Young’s sees profits increase 26 per cent in first half
BRITISH brewery and pub operator Young & Co’s reported a 26 per cent rise in profits yesterday for the first half ended 29 September.
Profits before tax jumped to £18.8m, from £14.9m in the same period of last year. Similarly, the London-based brewer saw its revenues jump eight per cent to £116.6m and its earnings per share rise nine per cent to 30.41p.
The company attributed the promising results to a strong performance in its managed estate, which saw 7.5 per cent revenue hike; continued growth of its hotels, which saw a revenue boost of 19.7 per cent; and a return to growth for its tenanted division, which recorded a 12.3 per cent increase in revenues.
Chief executive Stephen Goodyear said: “After the extended summer, trading has continued very positively into the autumn, and further impetus in the current year will come from the newly acquired pubs as well as from the re-opening of some of those currently undergoing redevelopment. We are confident that the strength of our existing estate, coupled with our appetite to grow further through acquisition, will continue to serve us well for the remainder of the year and beyond.”
Young’s share price rose 4.35 per cent to close on 1,025p.