Young & Co, the South London brewer and pub operator, continues to seek bigger acquisitions, the company said at its annual results.
But it said that most opportunities were "either overpriced or not of great quality."
It admitted that trading at its pubs during the Bank Holiday Jubilee celebrations were "mixed," largely because of the large number of City pubs in its estate.
Turnover at Young's, topped £100m for the first time in the year to 30 March, the company said.
Profit before tax and after exceptionals rose 1.1% to £8.6m and operating profit increased 3.3% to £11.7m as turnover climbed 9.7% to £106.3m.
Young's chairman, John Young, said the figures were "a sound performance in some of the most challenging conditions experienced for many years."
Brewing volumes were up 9.4% and total beer sales up 5.7% by volume, both better than the total beer market, which was static. In Young's managed estate, turnover was up 11% and volume up 6.1%. Tenanted trade beer volumes were up 4.1%. In the free trade, overall beer volumes were up 13.% and take-home trade sales up 30.8%. Exports rose 20.1%, mostly to the United States but also to Scandinavia and New Zealand.
However, the chairman said, trade in managed pubs and inns was affected by the fall in tourist levels during the year because of the foot and mouth outbreak, the terrorist attacks in New York, economic uncertainty and the additional cost of the increased minimum wage. At its hotels and inns, revenue per available room fell 6.7% to £40.04.
Young's bought eight pubs, six of them managed, and one inn in the year for £6m, sold three sites and spend £9.3m in refurbishments across its existing estate, including major refurbishment costing £6.1m on 13 sites. The total estate is now 206 pubs and inns of which 75 are tenancies, after two acquisitions in Bristol and the Borough and five managed pubs were transferred to tenancies, with two pubs transferred the other way and one sold.
John Young said that despite investing more than £54m in the business over the past 3 years, gearing stands at only 31.2% and interest cover is 3.8v, "which provides plenty of scope for further, well targeted investment."
He said the company had seen a strong performance in March,
which "offers some encouragement that we may be turning the corner, although with international political uncertainty continuing to dominate the news, the picture remains unclear."
But it said that most opportunities were "either overpriced or not of great quality."
It admitted that trading at its pubs during the Bank Holiday Jubilee celebrations were "mixed," largely because of the large number of City pubs in its estate.
Turnover at Young's, topped £100m for the first time in the year to 30 March, the company said.
Profit before tax and after exceptionals rose 1.1% to £8.6m and operating profit increased 3.3% to £11.7m as turnover climbed 9.7% to £106.3m.
Young's chairman, John Young, said the figures were "a sound performance in some of the most challenging conditions experienced for many years."
Brewing volumes were up 9.4% and total beer sales up 5.7% by volume, both better than the total beer market, which was static. In Young's managed estate, turnover was up 11% and volume up 6.1%. Tenanted trade beer volumes were up 4.1%. In the free trade, overall beer volumes were up 13.% and take-home trade sales up 30.8%. Exports rose 20.1%, mostly to the United States but also to Scandinavia and New Zealand.
However, the chairman said, trade in managed pubs and inns was affected by the fall in tourist levels during the year because of the foot and mouth outbreak, the terrorist attacks in New York, economic uncertainty and the additional cost of the increased minimum wage. At its hotels and inns, revenue per available room fell 6.7% to £40.04.
Young's bought eight pubs, six of them managed, and one inn in the year for £6m, sold three sites and spend £9.3m in refurbishments across its existing estate, including major refurbishment costing £6.1m on 13 sites. The total estate is now 206 pubs and inns of which 75 are tenancies, after two acquisitions in Bristol and the Borough and five managed pubs were transferred to tenancies, with two pubs transferred the other way and one sold.
John Young said that despite investing more than £54m in the business over the past 3 years, gearing stands at only 31.2% and interest cover is 3.8v, "which provides plenty of scope for further, well targeted investment."
He said the company had seen a strong performance in March,
which "offers some encouragement that we may be turning the corner, although with international political uncertainty continuing to dominate the news, the picture remains unclear."
