Like-for-like sales for the London-centric pub operator were up 4.7%, driven by strong early spring trading and a record-breaking Christmas period.
Adjusted profit before tax increased by £1.5m to £53.1m, with a ‘sector-leading’ operating margin of 14%, despite significant and ongoing increases in National Insurance contributions, the National Living Wage and food inflation.
Last month, Young’s acquired Cubitt House London Pubs, a collection of eight leasehold pubs and pubs with rooms in the capital, with a further site in development.
Simon Dodd, chief executive of Young’s, said: “I am delighted to announce another exceptional set of results, reflecting a record-breaking 12 months for the business. We achieved a significant milestone, surpassing half a billion pounds in revenue, with multiple pubs across the estate delivering record performances throughout the year.”
He added that the company had capitalised on investments in outdoor spaces during periods of warm weather, driving footfall through innovative partnerships and events.
Premiumisation in drinks continued, while the business “doubled down” on its seasonal and locally sourced food strategy and enhanced its rooms offer.
Dodd added: “We are optimistic about the future, and are off to a strong start in the new financial year. We kicked off the year with our acquisition of Cubitt House London Pubs and entered a new era on the Main Market of the London Stock Exchange.
“The business has positive momentum, we are investing well and our acquisition strategy is on track. We cannot control the macroeconomic picture, but everything within our control, including our premium, well-invested portfolio of pubs and our people, puts us in a strong position.”