Pub group Young’s hailed robust profit and revenue growth in its latest financial year today, but warned investors of a “tough start” to 2019 after the World Cup fuelled a strong summer in 2018.
Profit before tax climbed 5.1 per cent year on year to £39.5m for the 12 months to the start of April, Young’s said.
Revenue also rose 8.7 per cent to £303.7m as basic earnings per share grew 4.5 per cent compared to the year before to hit 64.4p.
Young’s improved its dividend by six per cent to hit 20.8p, up from 19.6p last year.
The pub chain posted record cash flow of £69.2m, up 12.7 per cent year on year, but net debt rose by £23.1m to £163.6m after the purchase of Redcombs pubs.
What Young’s said
Chief executive Patrick Dardis said: “I am very pleased to announce such a strong set of results which are a testament to the quality of our incredible people who bring our premium positioned pubs to life. These results demonstrate that our strategy continues to deliver.
“The addition of the 15 Redcomb pubs complements the existing Young’s managed house estate and presents tremendous opportunities for future growth. We have continued to invest in our existing estate as well as upgrading our technology, and are excited to realise this potential.
“It has been a tough start to the year against very strong comparatives with the only good weather coming in the Easter bank holiday this year. Looking ahead, the amazing weather throughout the summer of 2018 and England’s World Cup success sets a high benchmark for the coming months. However, we remain confident that we will continue our strong growth story in the coming year.”
More to follow.