Young's posts record half-year profit after strong summer trading

Young & Co's Brewery on Thursday reported profit and revenue growth driven by hot weather and the Summer FIFA World Cup, as it eyes the upcoming festive season.

The London-based British pub operator reported a 9.2% rise in pretax profit to £33.4 million for the 26 weeks to September 28 from £30.6 million a year earlier, as revenue grew 10% to £291.1 million from £263.6 million.

Young's said like-for-like sales increased 6.4%, supported by favourable summer weather and the football World Cup.

Adjusted pretax profit rises 19% to £37.1 million from £31.1 million, while the adjusted operating margin improved to 16.0% from 15.4%.

Young's maintained its interim dividend at 12.22 pence per share.

Chief Executive Officer Simon Dodd said: "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."

Notably, Christmas bookings were up 11% on-year, with the firm highlighting that "the lucrative walk-in trade over the Christmas and New Year period remains a huge focus for our teams," he added.

The company said integration of the nine Cubitt House pubs acquired in April is complete.

Trading momentum continued after the period end, with revenue up 10% and like-for-like sales rising 5.1% in the subsequent six weeks.

Looking ahead, the company said: "The macroeconomic environment and the impact this could have on consumer sentiment remains unpredictable. However, based on the strength of the first half, the quality of our estate, the contribution from Cubitt House, and the Christmas season bookings so far, the board expects performance for the full financial year to be in line with the recently upgraded market expectations."

Young's shares fell 2.1% to 1,110.00 pence on Thursday afternoon in London.

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