UK: Young & Co announces financial results and brewery closure
Young's announces operating profits for the year down 0.6 per cent to £13.6m. Overall turnover for the group in the 52 weeks to April 1 2006 was £123.9m, up 3.6 per cent, with adjusted earnings per share up 1.8 per cent at 59.65p,The Publican announced May 23.
The results announcement came as the group revealed it was to give up brewing at its Wandsworth site and merge its production operations with Charles Wells.
Young’s said it posted a strong retail performance, with managed pub turnover up 3.2% and profit up 6.5%, helped by food sales up 10.0%.
The group’s chief executive Stephen Goodyear said: “We have produced a resilient performance, particularly in retail, in a year of considerable change, which included new licensing laws, our transfer to AIM as well as the uncertainty surrounding our future brewing operations.
“Our retail business performance has started well, although we are only a short way into the new financial year. Sales in the seven weeks to 20 May are up 10.7%, with strong like for like growth.
Speaking on the subject of the company’s decision to exit brewing , Mr Goodyear said: “After a period of considerable uncertainty, we are pleased to be bringing the process to a successful conclusion. We look forward to the future with great enthusiasm and confidence.”
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