Young's announces 13.1% rise in profits, reveals new logo

By Peter Ruddick

- Last updated on GMT

Related tags: Profit

At the same time as announcing its financial results, Young's revealed it was refreshing its corporate identity and would be changing its logo
At the same time as announcing its financial results, Young's revealed it was refreshing its corporate identity and would be changing its logo
Young's has revealed a new logo and corporate identity and declared that the last year was an 'exceptional' one for the pub operator after it recorded a 13.1 per cent rise in pre-tax profits.

Revealing its financial performance for the 52 weeks to 1 April 2013, the London-based firm announced revenue had grown by 8.2 per cent year-on-year to top £193m. Adjusted profit before tax was also up to more than £24m.

Exceptional

The 'strong' performance was, Young's said, down to a growth in like-for-like sales in the second half of the year which was all the more impressive given the company performed well in the latter half of the previous year.

Managed pubs and venues with rooms have both helped deliver a growth in profits for Young's. Managed house operating profit was up 12.2 per cent year-on-year.

Meanwhile the pub operator, which added 27 bedrooms to its properties during the last year, now boasts revenue per available room (RevPAR) of £49.26 - an increase of 27.6 per cent since 2010. 

Accommodation remains an 'important' part of the Young's growth strategy and, subject to planning, 16 rooms are set to be added to one of its sites in Wimbledon this year.

Stephen Goodyear, chief executive of Young's, said the last 12 months had been: "An exceptional year in a number of ways.

"One-off events such as the Diamond Jubilee and the Olympic and Paralympic Games helping us to deliver strong like-for-like performance in the first half of the year despite some decidedly unseasonal weather, followed by further like-for-like growth when London returned to normal in the second half.

Premium

Goodyear also revealed the company would be introducing a new logo and corporate identity. This, the chief executive explained, would be progressively incorporated into the company's pub signage and ale brands and was designed to reinforce the firm's 'premium positioning'.

Young's has nearly completed a re-shaping of its tenanted estate to make it both smaller and of a higher quality and is increasingly focusing on its expanding premium managed estate, primarily in London and the south east.

“Our premium offer, through both Young’s and Geronimo, continues to prove attractive despite the continued caution on the part of the UK consumer.

"With the quality of our estate, the talent within the business and our balance sheet strength, Young’s remains in a strong position to continue to grow and deliver value to our shareholders,” Goodyear added.

Geronimo, which is now led by managing director Ed Turner,​ grew its revenue by 19.2 per cent.

Across the entire Young's managed estate, food sales now account for nearly 30 per cent (29.8) of total revenue - up from 29.1 per cent a year ago.

Related topics: Business, Pubs & Bars, Trends & Reports

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