Young & Co (YNGA) is aiming to have all of its pubs open on 3 August, with the possibility that some larger pubs with gardens could open in the middle of July. The pub operator intends to introduce a one-metre social distancing rule in its venues, rather than the two metres guided by the government, warning that 70 per cent of pubs and restaurants would not be viable under the current guidelines. Management stressed, however, that it would follow government rules.
The closure of its estate for the last 10 days of its financial period brought Young's revenues down by £13m, in what was nevertheless a record year for turnover. The group has stopped all capital expenditure for its current period in response to the crisis. So it is a good job, then, that last year Young’s decided to bring forward investment in nine of its Redcomb pubs, spending £2.7m, having originally planned to spread investment in its Redcomb estate over a three-year period.
Panmure Gordon forecasts full-year 2021 adjusted pre-tax profits and earnings per share of £46.3m and 76.5p, respectively, rising to £49.4m and 81.6p the following year.
| YOUNG & CO (YNGA) | ||||
| ORD PRICE: | 1,095p | MARKET VALUE: | £ 537m | |
| TOUCH: | 1,095-1,145p | 12-MONTH HIGH: | 1,815p | LOW: 850p |
| DIVIDEND YIELD: | 1.0% | PE RATIO: | 28 | |
| NET ASSET VALUE: | 1,205p | NET DEBT: | 47%* | |
| Year to 30 Mar | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
| 2016 | 246 | 32.8 | 54.7 | 17.5 |
| 2017 | 269 | 37.0 | 61.5 | 18.5 |
| 2018 | 279 | 37.6 | 61.6 | 19.6 |
| 2019 | 304 | 39.5 | 64.4 | 20.78 |
| 2020 | 312 | 29.1 | 39.4 | 10.57 |
| % change | +3 | -26 | -39 | -49 |
| Ex-div: | na | |||
| Payment: | na | |||
| *Includes lease liabilities of £82.3m | ||||
