Young’s has reported a record half-year performance, to 28th September, with revenue up 10.4% to £291.1 million, and like-for-like sales up 6.4% year on year.
Adjusted operating profit was up 14.7% to £46.7m, driven by a margin of 16%, up from last year’s 15.4%. Adjusted profit before tax grew by 19.3% to a record £37.1m for a half year.
Adjusted earnings per share growth of 35.7%, to 48.3p per share, reflected the underlying profit growth and continued impact of the share buyback programme, purchasing 0.9m shares in the period.
The integration of the nine Cubitt House pubs (eight operating, one still under development), acquired in April, is complete, and the business contributed immediately to the strength of the group’s performance.
There was £45.2m of investment in the period, including the acquisition of Cubitt House and continued investment in the existing estate.
Young’s moved from AIM to the Official List of the London Stock Exchange’s main market in April, and was included in the FTSE 250 Index on 9th October. A further share buyback programme of up to £10m commenced in July.
In the six weeks since the period end, revenue has grown by 10%, representing a 5.1% like-for-like increase.
“Boosted by excellent trading across the summer months, supported by record weather and the FIFA World Cup, Young’s has delivered another period of outstanding performance,” said Young’s chief executive Simon Dodd.
“Our relentless focus on quality meant that when the sun shone and the matches were aired, customers chose Young’s for our premium offer and the fantastic atmosphere created by our brilliant teams.
“Cubitt House’s exceptional collection of pubs is now fully embedded within the Young’s family and has contributed immediately to our performance. The move to the main market was an important milestone, and our continued investment and disciplined capital allocation support the next phase of sustainable growth.”
He added: “As employment legislation evolves, we hope policymakers will recognise the importance of preserving the flexibility that
so many hospitality employees actively seek and value. The Young’s Ram agency was created by a need from our teams for flexible working, very much an employee-driven request. It continues to grow every year and now accounts for over 12% of our total workforce, covering all levels in Young’s.
“While it is important to take a moment to celebrate this brilliant result, we remain focused on building this business further, operating premium, individual, and well-invested pubs and bedrooms, while maintaining a strong balance sheet and investing selectively for long-term returns.”
