Young’s chief executive has hailed a “landmark year” for the pub group, which saw revenue rise 7.4% to £388.8 million in the 52 weeks to 1st April.
Adjusted EBITDA was up 7.8% to £92.2m, with managed house adjusted EBITDA for the period up 7.1% to £112.7m. Adjusted operating profit was up 9.4% to £57.3, with a margin of 14.7%.
Highlights included the acquisition of The City Pub Group, which completed on 4th March. This contributed £7.2m revenue and EBITDA of £1.7m for the four weeks of ownership in the period.
A strong balance sheet and cash generation supported £84.5m of investment in the Young’s estate, including £36.5m on eight individual acquisitions and £48m invested in existing pubs.
Managed house revenue for the last nine weeks was ahead of last year by 24.4%, including City Pub Group, and up by 2.4% on a like-for-like basis.
“In a landmark year for Young’s, we have reported another excellent financial performance, with industry-leading profitability,” said chief executive Simon Dodd.
“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.
“We were delighted to complete on our acquisition of The City Pub Group in March, a real milestone for Young’s. We welcome the City team to the Young’s family and respect the many initiatives that have brought them so much success. I look forward to working with the talented teams to evolve the business over the coming years.”
He added: “Our investment for future growth didn’t stop with The City Pub Group acquisition. During the period we acquired eight great pubs, made further investments in our existing estate, and upgraded our technology to enhance the customer experience and realise productivity gains.
“Looking ahead, we face some challenges, but there is plenty for us to be excited about this year. 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.”
“Our belief in Young’s long-term growth potential remains as good as ever, and we are confident of our performance in the year ahead.”
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