YOUNG & CO.’S BREWERY, P.L.C.
INTERIM RESULTS FOR THE 26 WEEKS ENDED 29 SEPTEMBER 2025
RECORD PERFORMANCE FROM WELL-INVESTED ESTATE;
£10 MILLION SHARE BUYBACK PROGRAMME ANNOUNCED
| 2025 £m | 2024 £m | % change | |
| Revenue | 263.6 | 250.0 | +5.4 |
| Adjusted operating profit1 | 40.7 | 38.1 | +6.8 |
| Adjusted EBITDA1 | 62.5 | 59.0 | +5.9 |
| Adjusted profit before tax1 | 31.1 | 28.3 | +9.9 |
| Adjusted operating margin1 | 15.4% | 15.2% | +0.2 |
| Profit before tax | 30.6 | 25.3 | +20.9 |
| Net debt (pre-IFRS 16) | 221.8 | 255.8 | -13.3 |
| Net debt to adjusted EBITDA (pre-IFRS 16)1 2 | 2.0x | 2.6x | -0.6x |
| Net debt | 308.5 | 346.5 | -11.0 |
| Net debt to adjusted EBITDA1 2 | 2.6x | 3.4x | -0.8x |
| Basic earnings per share | 34.95p | 32.21p | +8.5 |
| Interim dividend per share3 | 12.22p | 11.53p | +6.0 |
| Net assets per share4 | £12.71 | £12.67 | +0.3 |
1 Reference to an ‘adjusted’ item means that item has been adjusted to exclude non-underlying items (see note 2 for adjusted items and note 5 for earnings per share).
2 Net debt to adjusted EBITDA has been calculated based on the last 12 months’ actual adjusted EBITDA of £112.2 million and £117.1 million including leases.
3 The interim dividend, in respect of the period ended 29 September 2025, is expected to be paid on 5 December 2025.
4 Net assets per share are the group’s net assets divided by the shares in issue at the period end.
HIGHLIGHTS
- Record half-year performance following continued strong momentum during the period. Total revenue increased 5.4% to £263.6 million and adjusted EBITDA rose 5.9% to £62.5 million.
- 5.7% like-for-like sales increase from a combination of Young’s well-invested, premium estate and the excellent weather during late spring and early summer.
- Adjusted profit before tax up 9.9% to £31.1 million, driven by top line growth and strong conversion, despite continued pressures from National Living Wage increases, National Insurance and food inflation.
- Earnings per share were up 8.5% to 34.95 pence, reflecting a return to growth following share issues to fund post Covid investment in the estate and City Pub acquisition.
- £12.6 million of investment in the period, continued investment in our existing estate, underpinning the long-term business.
- Healthy cash generation, working capital timing and a second half weighted investment plan has reduced debt since the full year by £26.5 million to £221.8 million (excluding leases), with net debt to EBITDA at 2.0 times (2.6 times including leases) and in line with our capital allocation framework.
- Interim dividend of 12.22 pence per share, an increase of 6.0%, reflecting our progressive dividend policy.
- Like-for-like revenue for the last thirteen weeks was ahead of last year by 4.2%.
- £10 million share buyback programme announced, reflecting disciplined approach to capital allocation and confidence in long-term growth aspirations.
Simon Dodd, Chief Executive of Young’s, commented:
“Our proven strategy and unwavering commitment to operating a premium, well-invested managed house estate continues to be reflected in these results, with a record first half performance following another strong period of trading and market outperformance.
I am particularly proud that this performance was achieved against a backdrop of significant ongoing cost headwinds. Record trading in our estate over the summer, our biggest ever Wimbledon fortnight and the full benefit of City Pub Group integration synergies helped to offset the impact of these pressures.
The second half has started well, but we remain mindful of ongoing economic uncertainty and its potential impact on consumer sentiment, and we will continue to monitor trading conditions closely. Despite everything we have faced in recent years, Young’s is well-positioned to continue to perform well financially thanks to the unparalleled quality of our estate and our resilient business model.”