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LONDON (Alliance News) - Young & Co's Brewery PLC on Thursday reported a slight decline in profit in its recently-ended financial year after a gain it made the prior year did not repeat, but revenue grew on the back of sales growth in each of its divisions.
The pub company and brewer said its pretax profit in the year ended March 28 slipped to GBP33.3 million from GBP36.1 million the year before, due to the prior year benefiting from a GBP4.1 million gain relating to a favourable property revaluation.
Revenue, however, grew 8.3% to GBP245.9 million from GBP227.0 million, boosted by 8.7% growth in managed houses, 11.6% growth in accommodation sales at the hotels business, and 1.6% growth in the Ram Pub Co tenanted business.
Young's will pay a total dividend of 17.45 pence for the year, which is a 6% increase on the 16.46p paid the year before.
"Trading in the current year has started well and, in the months ahead, we will benefit from recent acquisitions including two since the year-end, and from summer events such as the Queen's 90th birthday celebrations and the European football championships. We are well positioned at the premium end of the market, have the financial resources to invest in further growth, and are therefore well set for another successful year," Chief Executive Stephen Goodyear said in a statement.
Goodyear is stepping down from his role in July after 13 years in the post and will be replaced by Retail Director Patrick Dardis.
Shares in Young's were trading up 1.2% at 1,220.00 pence on Thursday morning. Panmure Gordon raised the stock's price target to 1,400p Thursday from 1,380p, keeping a Buy rating.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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