Young & Co’s Brewery PLC has reported its preliminary results for the 52 weeks ended 1 April 2013, with Stephen Goodyear, Chief Executive, commenting:
“An exceptional year in a number of ways, with one-off events such as the Diamond Jubilee and the Olympic and Paralympic Games helping us to deliver strong like-for-like performance in the first half of the year despite some unseasonal weather, followed by further like-for like growth when London returned to normal in the second half.
“Once again, our strong operating cash flow has enable us to invest in improving further the quality of our estate at a time when competitors may be constrained, enabling us to increase opur differentiation.
“We have added to our managed estate, both last year and in the early weeks of this, and we are nearing the end of the process of re-shaping our tenanted estate into one that is smaller but of higher quality.
“Our premium offer, through both Young’s and Geronimo, continues to prove attractive despite the continued caution on the part of the UK consumer.. With the quality of our estate, the talent within the business and our balance sheet strength, Young’s remains in a strong position to continue to grow and deliver value to our share holders.”
2013 2012 % change
£000 £000
Revenue 193,677 178,964 +8.2
Adjusted operating profit 28,935 26,162 +10.6
Adjusted profit before tax 24,128 21,333 +13.1
Profit/(loss) before tax 22,319 (7,494)
Adjusted basic earnings per share 37.77p 33.41p +13.0
Basic earnings/(loss) per share 35.23p (11.13)p
Dividend per share 14.63p 13.93p +5.0
(interim and recommended final)
Net assets per share £6.94 £6.59 +5.3
Highlights
- Strong performance for the full year, with further like-for-like growth in second half against
particularly strong comparatives;
- Managed house revenue increased 10.0% to £181.6 million, with same outlet like-for-like sales up 4.6%; managed house operating profit up 12.2%;
- Continued growth in accommodation with 397 rooms following 27 additions during the year; sales up 5.5% in total; RevPAR up to £49.26, an increase of 27.6% since 2010;
- £20.5 million investment in the business, and seven underperforming tenanted pubs divested;
- Despite continued high rate of investment, net debt further reduced to £112.6 million, ratio of 2.8 times EBITDA;
- Proposed 5.0% increase in final dividend to 7.61 pence, resulting in a total dividend of 14.63 pence (2012: 13.93 pence); 16th consecutive year of dividend growth;
- Focus on growing premium managed estate, primarily in London and the south east; and
- Positive trading since the period end; manages house revenue in first seven weeks of current financial year up 14.7% in total, up 10.6% on like-for-like basis. (Over a thirteen week period, which gives a more rounded picture, like-for-like trade was up 3.7%).