Managed pubs lift Young's
Improved trading in Young's managed house division has helped the pub company lift its revenue by nearly 12% to £142.6m for the 53 weeks to 4 April 2011.
Adjusted pre-tax profit, which excluded exceptional items, also rose by 7.2% to £20.8m.
Managed house revenue was up 13.% to £127.8m for the period, with same-outlet like-for-like revenue up 1.9% and operating profit up 11.1%.
The tenanted business also saw trade improve, although this was less marked in the managed pubs, with revenue up 1.2% and operating profit up 1.9%.
Meanwhile, Young's indicated that it had seen "very strong" trading in its managed estate for the first seven weeks of the current year, helped along by the £60m acquisition of Geronimo, which it bought in December 2010. Including Geronimo, sales in the first seven weeks of the current year were up 34.2% in total, and 8.8% on a like-for-like basis. Rupert Clevely, Geronimo's co-founder, joined the Young's board as an executive director following the acquisition.
Stephen Goodyear, chief executive of Young's, said: "This has been a productive and exciting year for Young's both with the trading improvements we are seeing in our business and the acquisition of Geronimo in December.
"Despite the ongoing backdrop of constrained consumer spending, the group has delivered a good set of results for the period whilst retaining our premium position and has seen strong momentum since the year end.
"Overall, Young's is in very good shape. The integration of Geronimo is proceeding as planned and the synergies we envisaged at the time of the acquisition are coming through. Our strategy is focussed on developing our existing sites to their full potential, whether as a Young's or Geronimo pub, and on continuing to grow our managed estate. We are very excited about the potential for both brands."
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By Neil Gerrard
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