The Young & Co's Brewerly board is proposing a final dividend in respect of the period ended 3 April 2023 of 10.26 pence per share at a cost of £6.0 million. If approved, it is expected to be paid on 13 July 2023 to shareholders who are on the register of members at the close of business on 9 June 2023.
Other financial highlights include:
Total revenue for the period was £368.9 million, up 19.4% against the prior year. Managed pub like-for-like revenue up by 12.9% on a 52-week basis.
Despite facing cost headwinds and prior year covid one-offs, which included the reduced VAT rate (£12.3 million) and business rates relief (£6.0 million), adjusted profit before tax was up 8.1% to £45.2 million, and adjusted operating profit up 1.9% to £52.4 million.
A strong financial position, driven by healthy operating free cashflow has enabled them to continue to invest significantly, with total investment of £58.4 million, £24.0 million on acquisition investment, including six new pubs and £34.4 million across pubs in their existing estate.
Net debt (including lease liabilities) has reduced by £8.6 million to £165.2 million and, with their adjusted EBITDA of £85.5 million, net debt to EBITDA is conservative at 1.9 times. Including cash balances this leaves them with £110.7 million of headroom on their committed bank facilities for future flexibility and ongoing investment.
Sales since the period end performed well, managed pub like-for-like sales for the last seven weeks up by 4.8%.