Young's hails ‘exceptional year' as turnover and profits rise

23 May 2013 by
Young's hails ‘exceptional year' as turnover and profits rise

Young's has hailed an "exceptional year" after it delivered a strong increase in both revenue and profit for the 52 weeks to 1 April 2013.

The London-based pub firm, which has nearly 240 pubs, saw revenue climb 8.2% to just over £193.6m for the period.

Pre-tax profit climbed 13.1% to £24.1m.

Young's said it had seen further like-for-like growth in the second half of the year against strong comparitives. Managed house revenue was up 10% to £181.6m, with same outlet sales up 4.6% and managed house operating profit up 12.2%.

Meanwhile, the business grew its accommodation, with 27 new rooms added in the past year, taking it to a total of 397 rooms. Revpar was up to £49.26, an increase of £27.6% since 2010.

Stephen Goodyear, chief executive of Young's, said:

"An exceptional year in a number of ways, with one-off events such as the Diamond Jubilee and the Olympic and Paralympic Games helping us to deliver strong like-for-like performance in the first half of the year despite some decidedly unseasonal weather, followed by further like-for-like growth when London returned to normal in the second half.

"Once again, our strong operating cash flow has enabled us to invest in improving further the quality of our estate at a time when competitors may be constrained, enabling us to increase our differentiation.

"We have added to our managed estate, both last year and in the early weeks of this, and we are nearing the end of the process of re-shaping our tenanted estate into one that is smaller but of higher quality.

"Trading since the period end has been strong with managed house revenue in the first seven weeks of the new financial year up 14.7% in total and 10.6% on a like-for-like basis, albeit against relatively weak comparatives. Over a thirteen week period, which gives a more rounded picture, like for like trade was up 3.7%.

"Our premium offer, through both Young's and Geronimo, continues to prove attractive despite the continued caution on the part of the UK consumer."

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