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(Sharecast News) - Brewer and pub owner Young's reported a solid increase in sales over the 12 months to 31 March, helped by strong trading over the Euros championships and Christmas period, as the company reported a strong start to the new year.
Total profit before tax was 18.1m for the year, down from 20.7m the year before, mainly due to restructuring costs related to the acquisition of City Pub Group and a small movement in its annual property revaluation.
However, on an adjusted basis, pre-tax profit was up 4.5% at 51.6m.
Total revenues were 485.8m, up 24.9% on the year before, with like-for-like revenues up 5.7%.
Since the start of the new fiscal year, total sales have risen 9.4% with LFL sales up 8.0%, helped by unseasonably warm weather across April and May.
The board has recommended a final dividend of 11.53p, resulting in a total payout for the year of 23.06p, up 6% on last year.
"The year ahead will have challenges, particularly as the National Insurance increase takes hold, set against an unstable macroeconomic environment. However, there is plenty for us to be positive about," the company said in a statement.
"We will continue to deliver further operational benefits from the City Pub Group acquisition, our investment pipeline is strong, and recent trading demonstrates our customers' desire to enjoy our pubs."
Young's shares were more or less flat early on Thursday morning at 983.02p.
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