Young’s swings to profit in FY22
Total revenues for the period also rose 251.1% year-on-year from £88m to £309.m within its continuing operations
Young and Co (Young’s) has returned to profitability as its pre-tax profits hit £42.1m in the 52 weeks ended 28 March 2022, up from a loss of £44.5m last year, despite varying levels of Covid restrictions.
Operating profits were also £51.7m, growing year-on-year from a loss of £34.5m. Additionally, total revenues for the period rose 251.1% from £88m to £309.m from continuing operations.
The Christmas trading period was “significantly” impacted by the Omicron variant, with cancellations, wasted turkey dinners, and people returning to home-working, all of which continued through to New Year with celebrations “more muted”.
However, managed house sales were up 2.9% on a two-year basis. Sales since the period end performed “extremely well”, with managed house revenues for the last 13 weeks up 17% against pre-Covid levels, and up 38.5% for the last five weeks compared to a year ago.
During the year, Young and Co invested £73.7m, including £24.7m in its existing managed estate and £36.8m in adding nine new pubs, including the acquisition of six pubs and hotels from the Lucky Onion group in February. The company also completed the sale of 56 tenanted businesses for £53m in June.
Young and Co has now recommended the reintroduction of a final dividend of 10.26 pence, resulting in a total dividend for the year of 18.81 pence, compared to 20.78p for the year to 1 April 2019.
Patrick Dardis, chief executive, said: “We have found ourselves navigating challenges at nearly every turn, whether it be storms, floods and tube strikes, or the unwelcome arrival of the Omicron variant which hampered our Christmas trading. I am delighted to announce a strong set of results that marks a return to normalised profitability.
“The Easter sunshine was a real boost, with some record weeks. We are looking forward to the extended Jubilee weekend where we hope to break more records.”
Meanwhile, Dardis is set to step down from his role as chief executive after six years in the role, handing over the reins to Simon Dodd in July.
