PRELIMINARY RESULTS FOR THE 53 WEEKS ENDED 3 APRIL 2017
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2017 |
2016 |
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53 weeks |
52 weeks |
% |
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£m |
£m |
change |
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Revenue |
268.9 |
245.9 |
+9.4 |
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Adjusted operating profit(1) (2) |
46.1 |
41.2 |
+11.9 |
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Operating profit(2) |
42.7 |
38.4 |
+11.2 |
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Adjusted profit before tax(1) (2) |
40.4 |
35.6 |
+13.5 |
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Profit before tax(2) |
37.0 |
32.8 |
+12.8 |
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Net cash generated from operations |
63.5 |
60.4 |
+5.1 |
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Adjusted basic earnings per share(1) (2) |
66.43p |
58.44p |
+13.7 |
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Basic earnings per share(2) |
61.51p |
54.73p |
+12.4 |
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Dividend per share |
18.50p |
17.45p |
+6.0 |
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(interim and recommended final) |
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Net assets per share(3) |
£10.10 |
£9.30 |
+8.6 |
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All of the results above are from continuing operations. |
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(1) Reference to an “adjusted” item means that item has been adjusted to exclude exceptional items (see notes 3 and 4). (2) The prior period comparatives have been restated for a non-cash adjustment in respect of the treatment of short leasehold premiums (see note 1). (3) Net assets per share are the group's net assets divided by the shares in issue at the period end.
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PERFORMANCE HIGHLIGHTS
(All numbers below on a comparable 52 week vs 52 week basis)
• Another very successful year's trading, continuing the consistent run of outperformance driven by our premium estate of differentiated, individual pubs and hotels;
· Young's, Geronimo and Ram Pub Company revenues all in high single-digit growth;
· Total managed house revenues up 7.0%, and up 4.7% like-for-like; operating profit up 9.8% to £58.4 million;
• Ram Pub Company revenues up 7.1% and up 3.2% like-for-like; operating profit up 11.1%;
• Investment of £38.2 million in acquisitions, transformational developments and estate upgrades;
• Record cash generation, with operating cash flow up 5.1% to £63.5million and year-end net debt representing a conservative 1.9 multiple of EBITDA;
• Proposed 6.1% increase in final dividend to 9.62 pence, resulting in a total dividend of 18.50 pence (2015: 17.45 pence); 20th consecutive year of dividend growth;
• Positive trading since the period end; managed house revenue in the first seven weeks was up 6.1% in total, and 4.7% like-for-like.
Patrick Dardis, Chief Executive of Young's, commented:
“I am delighted with these results. Yet again we have outperformed the sector, and made progress on all key measures, with revenue, profit, margin, cash generation, investment, the value of our pub estate and shareholder returns all strongly ahead. This is the reward for our consistent strategy of running high quality, differentiated, individual and well invested pubs, at the heart of the communities in which they sit, staffed by well-trained and motivated teams of people.
“The pub is now the most popular destination for eating out in the evening, and recent trading has been strong, with our ranges of craft beer, our “Cocktail Collective”, and our brunch and Sunday lunch offerings all helping drive performance. The good weather at the start of the year and the increase in 'staycations' during the Easter holidays ensured our pubs were busy, particularly those on the river and with large gardens.
“The broader economic and political environment remains uncertain and our sector faces unwelcome cost pressures on a number of fronts. In response, we are working hard to ensure we are best placed for whatever is around the corner. We have a reliable track record, a very clear strategy, a great team of people, and the financial muscle to continue to grow. We will continue to surprise and delight our customers, and to grow our estate through carefully selected acquisitions and developments, all in pursuit of delivering superior returns for our shareholders.”