Half year results strong for Young's

Young’s has announced its interim results for the 26 weeks ended 26 September 2022, which shows increases across the board for the Simon Dodd-led business.

Revenue grew by 24.7% to £186.5m (HY 2021: £149.6m), with an adjusted profit before tax growth of 14.7% to £25m (HY 2021: £21.8m).

Like-for-like revenue was ahead of the same period in 2019 by 6.2% and up by 20.4% against last year.

Adjusted EBITDA was up 5.4% to £45m (HY 2021: £42.7m), while the managed house EBITDA of £55.5m was up £3.3m against last year.

The 26 weeks have been a busy period of investment for Young's, with £28.7m invested in the period, including four freehold acquisitions and £14.5m invested in the existing estate, with a further two acquisitions since the end of the period.​

“I am very pleased with the performance of the business and the hard work of our teams in the first half of the year," says Dodd. "This has been the first time in three years we have been able to report on a period without any Covid-related trading restrictions, with the business returning to normality.

"Recent trading has been robust despite all the economic uncertainty, and we continue to see our pubs in central London and the City bounce back as workers and tourists return, like-for-like sales since the end of the period were up against last year by 22% and 11.1% respectively.

"Bookings are already strong for our first full trading Christmas in three years, which follows closely after the football World Cup. Although we are conscious of the current macroeconomic conditions, we have fixed contracts for both drinks and utilities, and, while not immune to the external cost pressures across our supply chain, we are taking steps to mitigate as far as possible.

"Our strategy of operating premium, individual and well-invested managed pubs is unchanged, and we are confident that it will continue to deliver superior returns for our shareholders.”

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