Young’s reports record half-year with £291m revenue and rising profits
Young’s has reported a record half-year to 28 September, with revenue up 10.4% to £291.1m and like-for-like sales up 6.4% year on year. Adjusted operating profit rose 14.7% to £46.7m, with a margin of 16% (up from 15.4%). Adjusted profit before tax climbed 19.3% to £37.1m, and adjusted earnings per share rose 35.7% to 48.3p, aided by a 0.9m share buyback. Integration of the nine Cubitt House pubs (eight operating, one under development) is complete and has contributed immediately. The period saw £45.2m of investment, including Cubitt House acquisition and ongoing estate work. Young’s moved from AIM to the London Stock Exchange’s Official List in April and joined the FTSE 250 on 9 October. A new buyback programme of up to £10m began in July. In the six weeks since the period end, revenue rose 10% with a 5.1% like-for-like increase. Source: Beer Today
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