Unaudited Results for the 52 weeks ended 1 April 2024
| 2024 | 2023 | ||
| 52 weeks | 53 weeks1 | % | |
| Unaudited results | £m | £m | change |
| Revenue | 388.8 | 368.9 | +5.4 |
| Adjusted operating profit2 | 57.3 | 52.4 | +9.4 |
| Adjusted profit before tax2 | 49.4 | 45.2 | +9.3 |
| Adjusted EBITDA2 | 92.2 | 85.5 | +7.8 |
| Adjusted operating margin2 | 14.7% | 14.2% | +0.5% |
| Net debt | 359.6 | 165.2 | +117.7 |
| Net debt to adjusted EBITDA | 3.9x | 1.9x | +2.0x |
| Statutory profit before tax | 20.7 | 36.2 | -42.8 |
| Net assets | 775.2 | 724.2 | +7.0 |
| Adjusted basic earnings per share2 | 62.97p | 64.29p | -2.1 |
| Basic earnings per share | 18.89p | 50.78p | -62.8 |
| Dividend per share3(Interim and recommended final) | 21.76p | 20.52p | +6.0 |
| Net assets per share4 | £12.48 | £12.38 | +0.8 |
1 Previous year results for 2023 include an extra trading week for a 53-week period.
2 Reference to an “adjusted” item means that item has been adjusted to exclude a non-underlying cost of £28.7 million (2023: non-underlying cost of £9.0 million) The three main adjusting items relate to a small net downward movement in property revaluation of £12.8 million, purchase costs relating to the acquisition of the City Pub Group totalling £6.2 million, and an impairment of £5.5 million.
3 The dividend, in respect of the period ended 1 April 2024, is expected to be paid on 2 August 2024 (see note 7).
4 Net assets per share are the group’s net assets divided by the shares in issue at the period end.
PERFORMANCE HIGHLIGHTS
· Total revenue on a comparable 52-week basis up 7.4% to £388.8 million and on a like-for like 52-week basis was up 3.4% against strong results in 2023, in line with historical trends
· Adjusted EBITDA up 7.8% to £92.2 million; managed house adjusted EBITDA for the period up 7.1% to £112.7 million
· Adjusted operating profit up 9.4% to £57.3 million, with a sector leading margin of 14.7%, up 50 bps on last year
· Adjusted profit before tax growth of 9.3% to a record £49.4 million for the period, despite the impact of continued cost inflation, demonstrating the strength of Young’s proven strategy
· Completed the acquisition of The City Pub Group on 4th March, with the integration progressing as planned. The acquisition contributed £7.2 million revenue and EBITDA of £1.7 million for the 4 weeks of ownership in the period
· Strong balance sheet and cash generation supported £84.5 million of investment in the Young’s estate, including £36.5 million on eight individual acquisitions and £48.0 million invested in existing pubs
· We are pleased to recommend a final dividend of 10.88 pence, resulting in a total dividend for the year of 21.76 pence, up 6.0%, reflecting our strong profit performance and positive outlook
· Managed house revenue for the last 9 weeks was 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, commented:
“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 on 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.”
“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.”