Young’s Brewery (LSE:YNGA) reported another milestone set of interim results on Thursday, delivering record first-half figures and launching a £10 million share repurchase plan.
For the 26 weeks to September 29, the pub group posted £263.6 million in revenue, up 5.4% year-on-year, while adjusted profit before tax climbed 9.9% to £31.1 million. The company said robust sales momentum and margin improvements helped offset persistent cost pressures from wage growth and broader inflation.
Like-for-like sales rose 5.7%, more than double the 2.7% pace seen across the wider market. Warm spring and early summer weather helped drive footfall, particularly across the brewer’s riverside pubs and outdoor trading spaces.
“Our proven strategy and unwavering commitment to operating a premium, well-invested managed house estate continues to be reflected in these results,” said Chief Executive Simon Dodd.
Young’s deployed £12.6 million into its estate during the period and cut net debt by 13.3% to £221.8 million. The group also lifted its interim dividend by 6% to 12.22 pence per share.
Momentum has carried into the current quarter, with like-for-like revenue over the past thirteen weeks up 4.2%. Christmas bookings are running 22% ahead of last year at the same point.
Even with the solid start to the second half, Young’s flagged lingering economic uncertainty and possible headwinds linked to November’s UK Budget, noting it will remain cautious despite the strong trading backdrop.
Leave a Reply