Young’s, has reported total revenue of £149.6m for the 26 weeks ending 27 September, with an adjusted Ebitda of £42.7m (2020: £1.5m). Pre-tax profit was £22.2m (2020: loss of £22.2m).
The London based pub and hotel operator, with more than 200 sites, stated: “For the same 24-week period since reopening on 12 April, total managed revenue was encouragingly only 1% lower than 2019, despite operating under significant covid-19 related restrictions up until 19 July.
A company statement said: “Throughout our successful reopening, we benefited from the major capex programme in our pubs, hotels and outdoor areas that was largely undertaken in the last financial year. We have invested £13.1 million during the period. However, our planned capex programme does not kick into full force until the second half of the year.
“Following the reopening of our pubs and positive cash generation in the period, the board has decided that it is appropriate to resume dividends, with payment of an interim dividend of 8.55 pence per share.
“Since the period end, managed house revenue for the last thirteen weeks was ahead of 2019 by 7.9%, and up 2.7% on a like-for-like basis.”
The period also saw Young’s sell its 56 tenanted businesses to Punch for £53m.
Patrick Dardis, Chief Executive of Young’s, said: “Trading has been strong since the reopening of our pubs, benefitting from our capex programme undertaken in the last financial year and the underlying pent-up demand. I am particularly pleased with the performance given restrictions were in place for a significant part of the period. This has helped us celebrate 190 years as a business in a position of strength.
Starting the period in lockdown, our focus was firmly on how we could safely welcome back as many customers as possible when restrictions eased. Getting back to the pub has been a feel-good factor for both our customers and employees, and we were pleased to see all our pubs and beer gardens full again from mid-July.
We have shown that our pubs are safe and attractive places, that we are ready to operate – and operate successfully – in both the challenging times, and in what we believe will be some very good times ahead. Above all, we continue to work hard to look after our customers, their loyalty has never wavered. We are well-positioned for future growth.
The proceeds from the sale of the tenanted pubs further strengthens our balance sheet, ensuring we have sufficient funds to invest further in our current estate and capitalise on any attractive acquisition opportunities that present themselves.
Following the disposal, we are now a focused operator of well-invested, premium managed pubs and hotels. We expect to benefit further in future years from the planned capex programme due to kick start in the second half and are wellpositioned to deliver long-term sustainable growth.”
