Young's posts increase in revenue and profit

Pub company Young's has posted an increase in like-for-like revenue and profit before tax, in its preliminary results for the year ended 31 March 2014.

Revenue was up 8.8% to £210.7m compared to £193.6m for 2013, and profit before tax up 24% to £26.5m from £21.4m.

Growth was especially driven by good room occupancy, which was strong despite the poor weather over winter, and continued focus on growing the managed estate, including into London and south east market towns.

The group also invested £19.8m in its estate, and acquired two new managed and three tenanted pubs.

The growth was also positive thanks to increasing customer confidence, increased spending on food and drink, and the company's focus on London and the south east.

Chief executive Stephen Goodyear said the year had been excellent. He commented: "The consistently high level of investment in our estate, combined with the hard work put in by our teams across the group, is clearly paying off. Coupled with the improving economic news flow, this gives us every reason to be confident that the current year will be another positive one for Young's."

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