London-based pub firm Young's credited its premium estate of differentiated pubs and hotels for a strong financial performance over the past year that saw a double-digit rise in pre-tax profit.
Revenue at the firm for the 53 weeks to 3 April 2017 was £268.9m, up 9.4% against the previous 52-week period. Pre-tax profit climbed 12.8% to £37m in 2017.
The company said its Young's, Geronimo and Ram Pub Company divisions had all enjoyed high single-digit growth. Total managed house revenues were up 7% and rose by 4.7% like-for-like, while Ram Pub Company's revenues were up 7.1% and up 3.2% like-for-like.
Patrick Dardis, chief executive of Young's said: "I am delighted with these results. Yet again we have outperformed the sector, and made progress on all key measures, with revenue, profit, margin, cash generation, investment, the value of our pub estate and shareholder returns all strongly ahead. This is the reward for our consistent strategy of running high quality, differentiated, individual and well invested pubs, at the heart of the communities in which they sit, staffed by well-trained and motivated teams of people.
"The pub is now the most popular destination for eating out in the evening, and recent trading has been strong, with our ranges of craft beer, our "Cocktail Collective", and our brunch and Sunday lunch offerings all helping drive performance. The good weather at the start of the year and the increase in ‘staycations' during the Easter holidays ensured our pubs were busy, particularly those on the river and with large gardens.
"The broader economic and political environment remains uncertain and our sector faces unwelcome cost pressures on a number of fronts. In response, we are working hard to ensure we are best placed for whatever is around the corner. We have a reliable track record, a very clear strategy, a great team of people, and the financial muscle to continue to grow. We will continue to surprise and delight our customers, and to grow our estate through carefully selected acquisitions and developments, all in pursuit of delivering superior returns for our shareholders."
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