YOUNG’S reported a better-than-expected full-year pre-tax profit yesterday – fuelled by cask ale and food sales.
The company, which operates 219 pubs, saw pre-tax profit of £19.4m in the year to 29 March.
In the first eight weeks of the current year, Young’s said comparable sales at its 120 managed pubs, which are directly operated by the company, were up 2.2 per cent.
Young’s has one of the strongest balance sheets in the pubs sector and cut its net debt by £3.1m to £62.2m in the second half of the year while still investing £8.2m in pub refurbishments.
Chief executive Stephen Goodyear said the company had made “steady progress”.
He added: “We have not gone with the crowd in that in that our food is that bit more expensive but better quality.
“Cask ales have also done really well and our pubs within the M25 have performed. With our debt reducing and expansion plans in progress we are pleased.”