Young & Co's Brewery raises dividend as profit more than doubles
Young & Co’s Brewery PLC on Thursday reported stronger annual earnings and said it has made a strong start to the new year.
The London-based pub and hotel operator said pretax profit more than doubled to £41.1 million in the 12 months to the end of March from £18.1 million a year prior.
Revenue climbed 4.6% to £508.2 million from £485.8 million.
The company reported ‘strong’ like-for-like revenue growth of 4.7%, helped by ‘excellent’ early spring weather and a record-breaking performance over the Christmas period.
Young & Co’s recommended a final dividend of 12.22 pence per share, resulting in a total dividend for the year of 24.44p, up 6.0% from 23.06p.
‘I am delighted to announce another exceptional set of results, reflecting a record-breaking 12 months for the business.
‘We achieved a significant milestone, surpassing half a billion pounds in revenue, with multiple pubs across the estate delivering record performances throughout the year,’ Chief Executive Simon Dodd said.
Total revenue for the last five weeks was up 7.9% in total, and was 3.4% higher on a like-for-like basis.
At the end of April, Young & Co’s completed its move to the Main Market of the London Stock Exchange from the AIM market.
CEO Dodd added: ‘We are optimistic about the future, and are off to a strong start in the new financial year. We kicked off the year with our acquisition of Cubitt House London Pubs and entered a new era on the Main Market of the London Stock Exchange.
‘The business has positive momentum, we are investing well and our acquisition strategy is on track. We cannot control the macroeconomic picture, but everything within our control, including our premium, well-invested portfolio of pubs and our people, puts us in a strong position.’
Shares in Young & Co’s were up 3.3% at 752.00p at midday on Thursday in London.
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