In line with their progressive dividend policy, the Young & Co's board has decided to raise the interim dividend for the 23rd consecutive year, by 6.0%, to 10.57 pence per share. This is expected to be paid on 6 December 2019 to shareholders on the register at close of business on 22 November 2019.
Other financial highlights include:
Total revenue up 7.3% to £168.2 million, along with a 7.2% increase in adjusted pre-IFRS 16 EBITDA to a half-year high of £43.3 million
Like-for-like sales growth of 1.1% in our premium, well-invested managed pub estate reflecting the challenging prior comparatives from the hottest English summer on record and England's FIFA World Cup performance
Total adjusted pre-IFRS 16 operating profit up 5.2% to £30.1 million, with adjusted pre-IFRS 16 profit before tax also up, by 3.4% to £27.0 million
Investment of £17.3 million during the period, including the freehold acquisition of the White Bear (Tunbridge Wells)
The Redcomb pubs have been successfully integrated into the existing Young's estate and, after a build-up period, are performing in line with expectations
Healthy cash generation reduced the year-end net debt position by £8.6 million to £155.0 million (pre-IFRS 16) - strong balance sheet with financial capacity for further investment
Strong trading in the last thirteen weeks, with managed house revenue up 12.4% and up 5.1% on a like-for-like basis
