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(Sharecast News) - Pub operator Young & Co's reported a "robust" performance in its final results on Thursday, with full-year revenue up 19.4% to £368.9m.
The AIM-traded firm said that, despite significant cost challenges and one-off effects from the previous year such as the reduced VAT rate and business rates relief, its adjusted profit before tax for the 53 weeks ended 3 April rose 8.1% to £45.2m.
Its adjusted operating profit also rose by 1.9% to £52.4m.
Young's said it made substantial investments totalling £58.4m during the period, with £24m allocated to acquisitions including the addition of six new pubs, and £34.4m invested in the existing estate.
Net debt, including lease liabilities, narrowed by £8.6m to £165.2m, leading to a net debt-to-adjusted EBITDA ratio of 1.9x, compared to 2.1x at the end of the 2022 period.
The Young's board recommended a final dividend of 10.26p per share, resulting in a total dividend of 20.52p for the year - up 9.1% on the prior year.
Young's said its positive sales momentum had continued beyond the reporting period, with managed pub like-for-like sales in the last seven weeks up 4.8%.
"The positive trading momentum of the first half continued throughout the period, with unwavering customer demand for our outstanding pubs and the unrivalled Young's experience," said chief executive officer Simon Dodd.
"The negative impact of the rail strikes did not stand in the way of us achieving numerous record weeks, as sales were boosted by glorious summer sunshine and the first ever winter FIFA World Cup.
"We were pleased to see a further increase in people visiting our City and central London pubs, alongside positive Christmas trading."
Dodd said the company's performance last year was "even more impressive" given the cost headwinds facing the industry, adding that the board was encouraged that some of those pressures were starting to ease.
"It's been a good start to the new financial year with sunny weather over Easter and the early May bank holiday.
"There is also huge excitement for the Rugby World Cup later this year.
"We are confident our premium, well-invested predominantly freehold pub estate, alongside our healthy balance sheet, will continue to deliver superior returns for our shareholders."
At 1009 BST, shares in Young & Co's Brewery were up 0.43% at 1,170p.
Reporting by Josh White for Sharecast.com.
