Young's results show strong performance

Young's CEO Patrick Dardis has said he is "particularly pleased" with the company's recent performance, as the pub operator reveals its half year financial results. 

Total revenue across the Young's estate for the 26 weeks to 27 September was £149.6m, with an adjusted EBITDA of £42.7m. Managed house EBITDA for the period was £52.2m.

For the same 24-week period since reopening on 12 April, total managed revenue was only 1% lower than 2019, despite operating under significant Covid-19 related restrictions up until 19 July.

“Trading has been strong since the reopening of our pubs, benefitting from our capex programme undertaken in the last financial year and the underlying pent-up demand," says Dardis. "I am particularly pleased with the performance given restrictions were in place for a significant part of the period. This has helped us celebrate 190 years as a business in a position of strength."

Throughout reopening, Young's benefited from a major capex programme in its pubs, hotels and outdoor areas that was largely undertaken in the last financial year. The business has invested £13.1m during the period. 

Young's also completed the sale of 56 tenanted businesses to Punch Pubs & Co. for a total cash consideration of £53m. 

"The proceeds from the sale of the tenanted pubs further strengthens our balance sheet, ensuring we have sufficient funds to invest further in our current estate and capitalise on any attractive acquisition opportunities that present themselves," adds Dardis. "Following the disposal, we are now a focused operator of well-invested, premium managed pubs and hotels. We expect to benefit further in future years from the planned capex programme due to kick start in the second half and are well-positioned to deliver long-term sustainable growth.”

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