Hot summer boosts profits at Young & Co

27 May 2004
Hot summer boosts profits at Young & Co

London-based brewer and pub operator Young & Co benefited from the hot summer last year, it said today as it posted increased profits for the year, but predicted this summer was unlikely to be as good.

In the year to 27 March, it reported pre-tax profits up by 5.2% to £8.9m, on turnover of £112m, up by 3.9%.

Sales of its managed pubs estate were up by 4.9% and up by 20.9% in tenanted pubs, with the recovery in the City continuing to boost sales.

Chairman John Young said: "While it is difficult to believe we could have another summer quite as good as last year, the actions taken by management should enable us to report further progress next year."

A review of the managed estate had seen a number transfer of pubs over to tenanted status, with the managed estate dropping from 123 last year to 112, said Young.

Developments during the year included adding 15 rooms to the City Gate pub in Exeter, and the development of a 19-bedroom wing at the Crown in Chertsey.

Despite the good summer, the chain's inns pubs with more than 10 bedrooms - had a difficult year, suffering along with the rest of the hotel sector from the shortage of tourists in the capital.

Room rates were reduced during the year, and revenue per available room suffered as a result, falling to £37.41 from £38.91.

Occupancy levels for the year were running at 62.2% compared with 63.2% the year before.

Discussions on the future of its flagship Ram Brewery in Wandsworth, which it announced in November could be closing, were ongoing, Young added.

by Nic Paton

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