Young’s toasts profits rise fuelled by £60m purchase of Geronimo Inns

BREWER Young & Co said yesterday it had seen revenues rise strongly in the first half.

The company said revenue was up 34 per cent to £90.5m during the six months to October.

Adjusted profit before tax was up 11 per cent to £12.5m. However, including exceptional items the company posted a loss of £16m.

Managed house revenue was up 37.9 per cent year-on-year and operating profits were up 23.1 per cent. Managed house like-for-like revenue was up four per cent while recently acquired Geronimo Inns saw revenues rise 12.6 per cent. Young’s announced an interim dividend of 6.68p, up five per cent from the first half of 2010.

Chief executive Stephen Goodyear said the firm’s estate had traded very well, with the recent acquisition of Geronimo proving a success, and its hotels business showing further strong growth. Young’s paid £60m for London-focused Geronimo.