Young’s reports like-for-like sales up 4.8% in last seven weeks with ‘plenty to be excited about for period ahead’, full-year revenue increases 19.4%: Young’s has reported managed like-for-like sales since 3 April 2023 are up 4.8%% compared with last year. The company stated: “Despite the unseasonably cooler and wetter start to spring, we were able to capitalise on the well-timed Easter and bank holiday sunshine. While the additional bank holiday for the Coronation gave us minimal upside, it was fantastic to see our customers and pubs celebrating with local events, highlighting the important role our pubs play in their communities. Last month we completed on the freehold purchase of the Stag in Belsize Park, north London, adding further to our presence in the capital. We find ourselves living in challenging times, including headwinds from high inflation and the resumption of train strikes, but there is plenty for us to be excited about in the period ahead. This autumn, the Rugby World Cup provides a fantastic opportunity given our rugby heritage and we are hopeful that further rail strike disruption will be limited. The investments and acquisitions made in the last two years, alongside our future pipeline, provide tremendous growth potential. The business is completely aligned to take Young’s forward, and we are confident in our ability to deliver superior returns for our shareholders.” It comes as the business reported total revenue for the 52 weeks to 3 April 2023 was up 19.4% to £368.9m (2022: £309m. Managed pub like-for-like revenue up by 12.9% on a 52-week basis. Total group adjusted operating profit was £52.4m (2022: £51.4m). Adjusted pre-tax profit increased 8.1% to £45.2m (2022: £41.8m). Adjusted Ebitda was up 3.6% to £85.5m (2022: £82.5m). During the year, it invested £34.4m in its existing estate, and £24m on acquisitions, adding six new pubs. Net debt (including lease liabilities) has reduced by £8.6m to £165.2m and, with adjusted Ebitda of £85.5m, net debt to Ebitda is conservative at 1.9 times. Including cash balances, this leaves the company with £110.7m of headroom on its committed bank facilities “for future flexibility and ongoing investment”. Drink sales were ahead of last period by 21.5%, and up by 17.0% on a like-for-like basis over 52 weeks. Food sales “continue to be an important part of our business”, and as a mix of sales have increased to 33% compared with pre-pandemic (2019: 30%), “as the pub environment evolves into an all-round destination”. Total food sales grew by 9.1% (53 weeks) against the “tough” prior year comparatives due to the lower VAT rate, and were up by 1.7% on a like-for-like 52-week basis (VAT adjusted like-for-like sales up 12.2% on 52-week basis). The company stated: “Overall, the return to normal trading has been extremely positive for our business. Central London and City areas continue to bounce back as workers and tourists return to the capital. While working patterns have changed, with fewer people commuting into the office full-time, the condensed working week has resulted in increased sales for our pubs in the capital across Tuesday to Thursday. We continue to have one eye on the future, ensuring we have a steady pipeline of new openings. In the second half of the year, we transferred two of the remaining tenancies back into our managed estate, Bishop’s Vaults (Bishopsgate) and the Clapham North (Clapham). The latter was completed just days before the period end, closing immediately for an investment and will reopen later this summer. Elsewhere, projects are due to get underway at the Constitution (Camden), Wild Duck purchased earlier this year, and the old bank site in Farnham, Surrey, acquired in 2018.” Chief executive Simon Dodd said: “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. 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. Our performance last year was even more impressive given the cost headwinds facing the industry and we are encouraged that some of these pressures are 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.”