Young’s saw group revenue fall by around 30% on the previous year, for the 52 weeks to 29 March 2021, from £311m in 2020, to £90.6m.

Adjusted loss before profit dropped from +£37.7m to -£44.1m for the period, while adjusted EBITDA fell from £79.6m to £0.3m.

Its managed estate saw revenue of £87m, with an adjusted operating loss of £18.6m, while Ram Pub Company, its tenanted division, achieved revenue of £3.3m, with an adjusted operating loss of £0.7m.

The group said it had taken “significant action” to preserve the group’s historically strong financial position and retain flexibility in order to invest in the future growth of Young’s.

During the period Young’s secured additional financing of £88.4m through an equity issue and £20m through a new bank facility. It also came to an agreement with its lenders to replace existing covenant tests with a £25m monthly available liquidity test, through to 31 March 2022.

Despite the losses felt by the closure of its pubs and hotels for almost nine months of the financial year, Young’s continued to invest in its estate, pumping £17m into its managed pubs, which went towards upgrades of its outdoor spaces, and the addition of boutique rooms. It also relaunched its Burger Shack brand and rolled that out to an additional 10 sites.

Young’s opened two new pubs over the period: Enderby House in Greenwich and Alban’s Well in St Albans.

Commenting on trade since the period end, Young’s said that outdoor trading in the 144 pubs that were able to open on 12 April had been encouraging, achieving 85% of normal trade over a five-week period.

Patrick Dardis, chief executive, Young’s, said: “Despite the many lockdowns and disruption to our business, the financing decisions taken during the summer allowed us to continue to make significant investments in our pubs, with some truly transformational projects. We expect to see excellent growth from that investment this year and beyond.”

“We are confident with the steps we have taken to ensure Young’s continues to be in a position of strength and there is potential for a strong recovery this summer.”

He added that the board expected the business to get back to pre-Covid levels of trade and margins by the end of June as long as the 21 June roadmap date was stuck to.

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