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(Sharecast News) - Pub group Young's reported a rise in interim profit and revenue on Thursday as it hailed a record half-year performance and said Christmas sales were already looking strong.
In the 26 weeks to 29 September, pre-tax profit jumped 20.9% to 30.6m, on revenue of 263.6m, up 5.4% on the same period a year earlier.
Adjusted earnings before interest, tax, depreciation and amortisation ticked up 5.9% to 62.5m.
Like-for-like sales increased 5.7% thanks to a combination of Young's "well-invested, premium estate and the excellent weather during late spring and early summer", it said. The company noted this was well above the CGA RSM Hospitality Business Tracker for the same period, which was at 2.7%.
Young's said the period started "exceptionally well", with long periods of warm and sunny weather during spring and early summer, supporting growth in its gardens and riverside pubs, before the weather normalised at the end of summer.
The group said it was encouraged by recent trading, with total sales for the last 13 weeks up 4.4% and 4.2% higher on a like-for-like basis.
It said Christmas bookings are already looking strong, with pre-booked sales up 22% on this time last year.
Chief executive Simon Dodd said: "Our proven strategy and unwavering commitment to operating a premium, well-invested managed house estate continues to be reflected in these results, with a record first half performance following another strong period of trading and market outperformance.
"I am particularly proud that this performance was achieved against a backdrop of significant ongoing cost headwinds. Record trading in our estate over the summer, our biggest ever Wimbledon fortnight and the full benefit of City Pub Group integration synergies helped to offset the impact of these pressures.
"The second half has started well, but we remain mindful of ongoing economic uncertainty and its potential impact on consumer sentiment, and we will continue to monitor trading conditions closely. Despite everything we have faced in recent years, Young's is well-positioned to continue to perform well financially thanks to the unparalleled quality of our estate and our resilient business model."