Young’s revenues hit £369m in FY22

Young’s and Co total revenues reached £368.9m in the 53 weeks ended 3 April, showing an increase of 19.4% against the prior year, while managed pub like-for-like revenue increased 12.9% on a 52-week basis. 

Despite facing cost headwinds, the pub group’s adjusted profit before tax was 8.1% higher at £45.2m. Adjusted operating profit also increased by 1.9% to £52.4m. 

The group’s strong financial position, which was driven by “healthy” operating free cash flow, has enabled it to continue investing £24m on acquisitions, which includes six new pubs. 

An additional £34.4m was allocated to improve its existing portfolio of pubs. 

Net debt, which includes lease liabilities, has also reduced by £8.6m to £165.2m. 

According to the pub operator, its sales since the end of FY22 have performed “well”, as managed pub like-for-like sales for the past seven weeks have increased by 4.8%.

Simon Dodd, chief executive of Young’s, said: “I am honoured and privileged to lead such a great company with its wonderful heritage. Young’s is a business that places investment in its people and pubs at the heart of its decision making. These results are testament to the hard work of our teams over the past few years.

“We were pleased to see a further increase in people visiting our City and central London pubs alongside positive Christmas trading. 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.”