Revenue surges ahead at Young's managed houses
London pub company Young's has boosted its managed house revenue by 29% to £165m for the year to 2 April 2012.
Total revenue was up 25.5% to almost £179m, while pre-tax profit before exceptional items was up 17.4% to £21.3m.
The accommodation side of the business also enjoyed a strong year, with revpar up by 10.7% to £48.85, and revenue up 15.4%.
Stephen Goodyear, chief executive of Young's, said: "This has been a successful and transformational year for Young's.
"In the face of continued wider economic uncertainty, the group has delivered a strong set of results for the period, whilst driving forward our premium offering.
"The disposal of our stake in Wells & Young's has allowed us to focus on our core, premium pub strategy and Geronimo Inns - acquired in December 2010 - has been successfully integrated, with both Young's and Geronimo's operations benefiting from the best practice being shared across the combined business.
"We have continued to invest in our managed and tenanted estate, along with ongoing investment in our hotel offering, which has seen another year of significant profit growth.
"Young's is in very good shape. The start of the year has been affected by the generally dismal weather. Nevertheless, sales for the first seven weeks were up 3.9%, but down 2.0% on a like-for-like basis. We are excited about the prospects that the Jubilee and Olympic summer will bring. While the economy remains fragile, we believe that with our focused and high-quality offering we are well placed to continue to achieve growth."
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By Neil Gerrard
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