Strong results for brewer Young's
Young's has announced strong results for the last six months - a period described as "eventful" for the company by chief executive Stephen Goodyear.
The brewer and pub operator saw turnover increase by 10.6% to over £69million and profit before tax up 4.8% to £5.8million.
It said its managed house turnover was up by 15.2% with operating profit up 7.1%.
The group also acquired 14 new pubs for a total of £32.5million.
More importantly it announced its merger with Charles Wells to formthe Wells & Young's Brewing Company and the sale of its Wandsworth brewery site for £69 million.
This has been an eventful half year for Young's, a period tinged with sadness Stephen Goodyear, chief executive of Young's.
Stephen Goodyear, chief executive of Young's, said: "This has been an eventful half year for Young's, a period tinged with sadness following the death of our long standing and unique Chairman John Young, but also one in which we have undergone major changes as we set down the foundations for the future of the business.
"We are clear in our determination to build on John's legacy and achieve a step change in the financial performance of the business. We have a retail and property strategy to deliver this transformation, and today's proposed 50% increase in the interim dividend is a sign of our confidence in achieving it.
"Trading in our pubs has been strong in the first half, and this trend has continued in the second half with managed house total sales for the first six weeks up 21.9% and up 10.6% on an invested like for like basis.
"We have the management, operational infrastructure and financial resources in place to continue this growth. We look forward to the future with considerable confidence."
