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Young & Co boosted by hot English summer

By Iain Gilbert

Date: Thursday 15 Nov 2018

Young & Co boosted by hot English summer

(Sharecast News) - Brewer and landlord Young & Co saw revenues and profits move ahead in the first half of its trading year thanks to the combination of a well-invested, premium estate and the hottest English summer on record.
Revenues rose 8.8% to £156.8m in the six months ended 1 October, as Young's trend of exceptional summer results continued another year. Like-for-like sales were up 5.6% over the last seven years.

Pre-tax profits grew 19.5% to £26.4m and earnings per share by 19.4% to 42.52p.

Chief executive Patrick Dardis said the long, hot English summer, along with Young's "beautiful riverside locations, stunning gardens and growing number of roof terraces" had helped it deliver 5.2% like-for-like sales growth in its managed houses.

Drink sales increased just over 10% in total and 7.4% on a like-for-like basis, while recent investment in the group's hotel business saw accommodation sales rise by just over 18% during the period.

In other news, Dardis spoke out against Theresa May's Brexit plans in the firm's statement.

"Being based in London and southern England, it is more than our cocktails that are cosmopolitan," said Dardis, who also noted that 38% of its workforce were EU nationals.

As of 1200 GMT, Young shares had climbed 2.57% to 1,618p.

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