Young & Co's Brewery (YNGA) - which boasts a premium pub estate in London and the south east - saw full-year like-for-like sales jump 4.6 per cent at its managed operation, despite poor weather and last summer's Olympics having disrupted traditional trading patterns. Moreover, and after adjusting for various property-related exceptionals and restructuring costs, pre-tax profit rose 13.1 per cent to £24.1m in the period.
The managed estate, which generates 93.7 per cent of group revenue, benefited from the reopening of several premises and the addition of pubs in Greenwich and Roehampton. Overall, that helped the division to increase sales 10 per cent to £181.6m, while operating profit rose 12.2 per cent to £39.6m. And that decent performance has continued, with like-for-like sales at the managed estate rising 3.7 per cent over the past 13 weeks. The much smaller tenanted estate shrunk further in the period with the sale of 13 pubs and the expiry of two leases - so underlying revenue there declined 2.4 per cent to £11.6m. Some £20.5m was also spent on improving the estate last year.
Broker Panmure Gordon expects pre-tax profit for 2014 of £24.9m, giving EPS of 39.6p (from £24.1m and 37.7p in 2013).
YOUNG & CO'S BREWERY (YNGA) | ||||
|---|---|---|---|---|
| ORD 'A' PRICE: | 810p | MARKET VALUE: | £345m* | |
| TOUCH: | 810-840p | 12-MONTH HIGH: | 825p | LOW: 555p |
| DIVIDEND YIELD: | 1.8% | PE RATIO: | 23 | |
| NET ASSET VALUE: | 693p* | NET DEBT: | 34% | |
| Year to 1 Apr | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2009 | 126 | 17.3 | 23.1 | 12.8 |
| 2010 | 128 | 17.5 | 24.9 | 13.0 |
| 2011 | 143 | 18.1 | 28.4 | 13.3 |
| 2012 | 179 | -7.49 | -11.1 | 13.9 |
| 2013 | 193 | 22.3 | 35.2 | 14.6 |
| % change | +8 | - | - | +5 |
Ex-div: 5 Jun Payment: 11 Jul *Reflects both 'A' and non-voting shares | ||||
