Sales, profits fizz at Young & Co's

(Sharecast News) - Young & Co's Brewery toasted record earnings on Thursday as the 195-year-old firm posted its first set of results since transferring to the London market's main list.

Revenues rose 4.6% to �508.2m in the year to 30 March, surpassing �500m for the first time, boosted by strong Christmas trading and sunny weather early in Spring. Like-for-like sales rose 4.7%. Operating profits surged 56.5% to �59.3m, while adjusted earnings before interest, tax, depreciation and amortisation rose 1.4% to �115.2m.

The company, which operates pubs and bedrooms across London and the south east, moved from AIM to the main list on 28 April, as it sought to tap into a wider base of investors in the UK and overseas.

Simon Dodd, chief executive, called it a "new era". He said: "When the sun shone, we capitalised on investments we have made in our beautiful outdoor spaces, driving footfall through innovative partnerships, particularly around events like Wimbledon.

"We are optimistic about the future and are off to a strong start in the new financial year. We kicked off with our acquisitions of Cubitt House London Pubs and entered a new era on the main market.

"The business has positive momentum, we are investing well and our acquisition strategy is on track. We cannot control the macroeconomic picture, but everything within our control...puts us in a strong position."

Sales in the last five weeks were up 7.6%, and by 3.4% on a like-for-like basis year-on-year. Young's acknowledged that the "uncertain" macroeconomic environment would continue to hit consumers but it flagged a clutch of upcoming major sporting events which traditionally drive footfall, including the football World Cup and Rugby Nations Championship.

Young's acquired Cubitt House, known for gastropubs such as The Barley Mow in Mayfair, in a �30m deal.

As at 1230 BST, the stock was up 4% at 753.94p.

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