Pretax profit hits £18.8 million at Young & Co's Brewery following successful acquisitions
London brewery Young & Co’s has reported a ‘very strong performance’ for the half year ending 29th September 2014, with revenue up 7.8%.
Total group revenue reached £116.6 million, compared to £108.2 million for the same period last year.
Young & Co’s has continued to develop its managed estate through selective acquisitions: two new managed houses and two sites in partnership with Berkeley Homes acquired during the first half, and four further managed houses added since period end.
In October, the group acquired four London pubs in a £10 million deal
Pretax profit reached £18.8 million, up from £14.9 million in 2013.
Stephen Goodyear, chief executive of Young’s, said: “We are delighted to report another period of very strong trading, with further impressive sales growth from our managed estate and a return to growth in our tenanted division.
“Our many pubs in riverside locations and with attractive beer gardens have clearly benefited from the long, warm summer.
“Fundamentally however, our continued like-for-like growth comes from having high quality, well-invested pubs and hotels in a range of great locations, with a premium food and drink offering delivered by talented and motivated teams across both Young’s and Geronimo.
“We acquired two pubs and two development sites during the half, and a further four pubs since the period end. With our strong balance sheet, we continue to pursue opportunities to acquire both pubs and hotels that fit our premium profile.
“We are confident that the strength of our existing estate, coupled with our appetite to grow further through acquisition, will continue to serve us well for the remainder of the year and beyond.”
This was posted in Bdaily's Members' News section by Ellen Forster .
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