PRELIMINARY RESULTS FOR THE 52 WEEKS ENDED 1 APRIL 2019
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|
2019 |
2018 |
% |
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|
£m |
£m |
change |
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|
|
|
|
|
Revenue |
303.7 |
279.3 |
+8.7 |
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|
|
|
|
|
Adjusted operating profit(1) |
48.5 |
46.9 |
+3.4 |
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|
|
|
|
|
Operating profit |
44.6 |
43.5 |
+2.5 |
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|
|
|
|
|
Adjusted profit before tax(1) |
43.4 |
41.0 |
+5.9 |
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|
|
|
|
|
Profit before tax |
39.5 |
37.6 |
+5.1 |
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|
|
Net cash generated from operations |
69.2 |
61.4 |
+12.7 |
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|
|
|
|
Adjusted basic earnings per share(1) |
72.13p |
67.74p |
+6.5 |
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|
Basic earnings per share |
64.36p |
61.60p |
+4.5 |
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|
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|
Dividend per share |
20.78p |
19.61p |
+6.0 |
|
(interim and recommended final) |
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Net assets per share(2) |
£12.12 |
£11.24 |
+7.8 |
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All of the results above are from continuing operations.
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(1) Reference to an “adjusted” item means that item has been adjusted to exclude exceptional items (see notes 3 and 4). (2) Net assets per share are the group's net assets divided by the shares in issue at the period end. |
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PERFORMANCE HIGHLIGHTS
• Another highly successful year, despite a challenging market backdrop, with total revenue up 8.7% to £303.7 million;
• Total managed house revenues up 9.0% to £290.3 million, underpinned by like-for-like sales growth of 5.1%; adjusted managed operating profits of £61.5 million;
• The Ram Pub Company performed strongly with like-for-like revenues up 5.0%;
• Total investment of £67.1 million on acquisitions, including 15 Redcomb pubs, and upgrades to our existing estate;
• Record cash generation, with operating cash flow up 12.7% to £69.2 million – net debt to adjusted EBITDA remains conservative at 2.2 times, underpinned by our strong balance sheet, giving us opportunities to pursue our acquisition strategy;
• Proposed 6.0% increase in final dividend to 10.81 pence, resulting in a total dividend of 20.78 pence (2018: 19.61 pence); 22nd consecutive year of dividend growth;
• Managed house revenue in the last thirteen weeks was up 9.4% in total, and up 2.6% on a like-for-like basis, reflecting strong prior year comparatives.
Patrick Dardis, Chief Executive of Young's, commented:
“I am very pleased to announce such a strong set of results which are a testament to the quality of our incredible people who bring our premium positioned pubs to life. These results demonstrate that our strategy continues to deliver.
“The addition of the 15 Redcomb pubs complements the existing Young's managed house estate and presents tremendous opportunities for future growth. We have continued to invest in our existing estate as well as upgrading our technology, and are excited to realise this potential.
“It has been a tough start to the year against very strong comparatives with the only good weather coming in the Easter bank holiday this year. Looking ahead, the amazing weather throughout the summer of 2018 and England's World Cup success sets a high benchmark for the coming months. However, we remain confident that we will continue our strong growth story in the coming year.”