Young’s Pubs profits and revenues surge
Additionally, the group’s acquisition of The City Pub Group on 4 March contributed £7.2m revenue and EBITDA of £1.7m for the four weeks of ownership in the period
Young’s Pubs has revealed its profit-before-tax has increased 9.3% to £49.4m as its revenues increased 7.4% to £388.8m on a comparable 52-week basis and 3.4% on a like-for-like basis in 2023.
The pub group’s adjusted EBITDA also increased 7.8% to £92.2m and its managed house adjusted EBITDA for the period was also up 7.1% to £112.7m.
The group’s operating profit also rose 9.4% to £57.3m, despite the impact of continued cost inflation.
Additionally, the group’s acquisition of The City Pub Group on 4 March contributed £7.2m revenue and EBITDA of £1.7m for the four weeks of ownership in the period.
Strong balance sheet and cash generation supported £84.5m of investment in the Young’s estate, including £36.5m on eight individual acquisitions and £48.0m invested in existing pubs.
The group’s managed house revenue for the last 9 weeks was also ahead of last year by 24.4% including City Pub Group; and up by 2.4% on a like-for-like basis.
Simon Dodd, chief executive of Young’s, said: “In a landmark year for Young’s, we have reported another excellent financial performance with industry leading profitability. This is once again testament to the excellent work and energy of our teams and our proven strategy of operating premium, individual, differentiated and well-invested pubs and bedrooms.
“We were delighted to complete our acquisition of The City Pub Group in March, a real milestone for Young’s. We welcome the City team to the Young’s family and respect the many initiatives that have brought them so much success. I look forward to working with the talented teams to evolve the business over the coming years.”
Dodd added: “Our investment for future growth didn’t stop with The City Pub Group acquisition, during the period we acquired eight great pubs, made further investments in our existing estate, and upgraded our technology to enhance the customer experience and realise productivity gains.
“Looking ahead, we face some challenges, but there is plenty for us to be excited about this year. We are heading into a feast of summer sporting events, starting with EURO 24, Wimbledon and the Olympics. Then we look forward to making the most from the return of the Autumn rugby internationals which provides a fantastic opportunity given our rugby heritage.” “Our belief in Young’s long-term growth potential remains as good as ever, and we are confident of our performance in the year ahead.”