Latest news with #CityPubGroup
The Sun
5 days ago
- Business
- The Sun
Pub chain Young's sees profits rise by 25 per cent to over £70million
PUB and hotel chain Young's is booming because Brits still want traditional boozers, its boss has told The Sun. Simon Dodds trumpeted a 25 per cent profit rise to £71.4million in the last 12 months for the near-200-year-old business. 4 The chief executive said: 'We have unique pubs which are the heart of the community and all our food is fresh and seasonal.' Founded in 1831, Young's boasts more than 800 hotel rooms as well as 277 pubs and bars. Mr Dodds said sticking to traditional ways of serving customers is helping the group to be a rare British hospitality success. He added: 'We're good at running pubs and good at running bedrooms.' Not that the business is living in the past. He went on: 'Our heritage is important but we're not standing still, we invest a lot in our pubs and invest a lot in our people.' He pointed to 80 per cent of its general managers having worked their way up within the firm. It also splashed out £41million in the year to March to keep pubs looking good. Revenue rose 24.9 per cent, from £388.8million to £485.8million. That was helped by an extra 50 pubs and more than 200 hotel rooms from the City Pub Group, which Young's bought for £162million in November 2023. Pint prices on the rise and Maccies axes beloved item Its dividend was also up 6 per cent, with the year's total 23.06p. The boss said: 'Everything within our control is going to plan.' IT'S DOC SMARTIN' PROFITS at British footwear and clothing firm Dr Martens fell to £8.8million in the year to the end of March. It continues the Northampton -based brand's woes since its stock market listing in 2021. 4 4 Profits dropped around 90 per cent from £93million in 2024, after sales fell 10 per cent in the year. The business blamed 'a challenging market' and warned unfavourable foreign exchange rates would hit sales and profits in the current financial year. It said hard-up Brits are looking for bargains, but it will not discount stock. IT'S A WISE MOVE FINTECH firm Wise is the latest business to ditch the London Stock Market and switch to New York. The £12billion money transfer firm said the move would 'bring substantial strategic and capital market benefits'. It follows a growing number of businesses choosing to list in the US. Paddy Power owner Flutter, mining group BHP, building materials group CRH and construction rental firm Ashtead have all made the change in recent years. Wise's share price climbed 6 per cent on the news. CHECKS IN POST... WATCHDOGS have launched a global crackdown on posts by illegal financial influencers. The UK's Financial Conduct Authority has joined regulators in Australia, Canada, Hong Kong, Italy and the UAE to tackle rogue promotions. Some social media personalities claim to have lavish lifestyles in videos to flog products or services illegally. Meanwhile, the Treasury Committee wants social media giant Meta to explain why it took up to six weeks to respond to FCA requests to take down dodgy posts. GROUND DOWN FOR WIZZ AIR BUDGET airline Wizz Air said having a fifth of its planes grounded over the last year has hit its profits. It was forced to mothball an average of 44 planes – almost a fifth of its entire fleet — over the year because of issues with the engines, which were made by Pratt & Whitney. 4 The US aircraft-maker was forced to pay compensation last year over the grounding of Airbus A320neo planes. Profits for the year at Wizz Air fell two-thirds from £368.7million to £141million. But despite the 'significant challenges' it faced, the Hungarian airline said it was flying more passengers than ever. It carried a record 63.4million during the year, which helped revenues for the group edge up 3.8 per cent. The airline, led by chief exec József Váradi, did not provide a forecast for the year ahead owing to 'uncertainties'. That hit its share price, which dived more than a quarter yesterday. JOBS in construction have been cut at the fastest rate since 2020, but experts say 'the worst may have passed'. The S&P Global construction purchasing managers' index showed activity slowed in May for the fifth consecutive month. NEW CAR SALES UP THE new car market returned to growth last month as registrations increased by 1.6 per cent, figures show. There were some 150,070 new listings — up from 147,678 the year before — and marks the best May performance the market has seen since 2021. Registrations of pure battery- electric new cars rose by a quarter to take a market share of 21.8 per cent. It is partly down to manufacturers offering discounts to boost sales.
Daily Mail
5 days ago
- Business
- Daily Mail
Young's invests to beat headwinds - as boss vows no 'blanket' hikes in price of a pint
Young's will 'invest its way out of' headwinds currently facing the hospitality sector after a major acquisition helped rapidly accelerate growth last year, according to the pub group's boss. The FTSE 250-listed group saw total revenues soar by nearly a quarter to £485.8 million in the year to 31 March, largely thanks to the £162million takeover of City Pub Group late in 2023. Young's also invested £47million developing and refurbishing its 277 pub estate, helping to drive like-for-like sales 5.7 per cent higher, while slashing net debt by £19.5million to £248.3million. Boss Simon Dodd told This is Money: 'We're not acquiring at the moment - the [City pubs takeover] accelerated our growth by about five years. 'But with the National Insurance hike and other costs that are hitting our sector, we think we should invest our way out of it; invest in our people, invest in our pubs and invest in technology.' Young's, which typically invests £50million a year, has 'a number of exciting investments' currently being rolled-out, according to Dodd, including a click-and-collect service and a loyalty platform for its growing bedroom business. Dodd has previously criticised decisions made in last year's Autumn Budget, which will see the group's cost base grow by £11million a year. 'A tough macroeconomic environment for the industry seems to have been par for the course since I became CEO and Government changes coming into effect in April make life no easier,' he told shareholders. Synergies achieved from the City Pub Group takeover have helped address some of those issues, while Young's has been able to limit the need for price hikes by utilising its own staff agency in addition to other cost savings. Dodd had previously highlighted research that suggested Autumn Budget changes could result in the price of a pint rising by 20p. But he said on Wednesday the group would continue to avoid 'blanket' price hikes across its estate and maintain an annual increase of 2 to 2.5 per cent in total. Dodds added: 'We will do it on a pub-by-pub basis, some pubs won't see an increase and some pubs will charge a little bit more. 'We don't believe you can price your way out of this in terms of volume, we grew our drinks business by about 3.5 per cent in volume – we're one of the only pub companies to grow volumes. 'We have to take a cautious approach to both value and volume.' Young's 'scale and size' and 'more importantly' its strong presence in the South East of England are crucial factors in weathering the storm currently facing the sector, according to Dodd, with central London sales alone up 16 per cent on a like-for-like basis last year. He added: 'London continues to lead the way in terms of growth, West London was up 10 per cent and, our heartland, South West London, was up 6 per cent. 'London is definitely alive and kicking and is driving phenomenal growth for us as a business.' Asked how the Government could improve conditions for the sector, Dodd said: 'The one ask we will continue to ask from the Government is business rate reform. 'We bang on about it every year, but it hasn't happened yet, and that could be a real stimulus for the sector.'
Daily Mail
5 days ago
- Business
- Daily Mail
Young's hikes shareholder payouts as profits after City Pub Group takeover
Young & Co's shareholders will enjoy a higher dividend this year after the acquisition of City Pub Group helped to drive bumper earnings growth last year. The pub group shrugged off 'a tough macroeconomic environment' for the sector as adjusted operating profits surged 24.6 per cent to £71.4milliion over the year to 31 March. Revenues rocketed 24.9 per cent overall to £485.8million and rose 5.7 per cent on a like-for-like basis, thanks to a balance of volume growth and price increases. Growth was achieved despite labour cost increases of around 10 per cent as a result of last year's Autumn Budget, as well as higher utility bills. But chief executive Simon Dodd said the pub and bar business was in 'excellent shape' and 'positioned well for difficult conditions'. Young's board has recommended a final dividend of 11.53p, giving a total dividend for the year of 23.06p, up 6 per cent, 'reflecting our strong profit performance and progressive dividend policy'. Dodd added: 'Young's continues to be a leader for like-for-like sales in our sector and everything within our control is going to plan.' Like-for-like managed house revenue for the last nine weeks was ahead of last year by 8 per cent, Young's said, 'giving the Board confidence for the year ahead.' The London-listed firm also said it had completed the integration of City Pub Group into the Young's estate after the £162million deal announced in November 2023. It said: 'Head office synergies realised, and food and drink margin benefits achieved in line with the acquisition plan.' Dodd added: 'A tough macroeconomic environment for the industry seems to have been par for the course since I became CEO and Government changes coming into effect in April make life no easier. 'However, we are in excellent shape, with our differentiated approach and premium business model positioning us well in difficult conditions.' He added: 'It's been a fast start to the new financial year, with the great weather throughout April and May meaning our beautiful pub gardens and riverside locations have been packed full of customers. 'Whilst we remain mindful of the headwinds facing consumers and the wider issues that our industry will encounter, we are confident our premium, well-invested, predominantly freehold pub estate will continue to deliver profitable growth.' In January, Dodd warned that the cost of a pint would increase by 20p after the Budget's increase in employer national insurance contributions. At the time, the pub chain said it planned to raise prices by up to 3.5 per cent after Rachel Reeves' tax raid on business. This added 20p to the cost of typical pint of beer in London – taking it to £6.50. The group enjoyed bumper sales over Christmas and New Year.
The Independent
30-04-2025
- Business
- The Independent
Pub group Young's toasts bumper sales year despite rising costs and poor weather
Pub group Young's has reported rising annual sales despite a year of 'prolonged economic uncertainty' and volatile weather. The company said like-for-like sales rose 5.7% in the year to March 31, defying what it said were 'widespread challenges' for the sector. Pubs and retailers were still struggling with higher-than-usual inflation for some of last year, while more recently they were hit by rising employment costs from policies in the October Budget. Young's has previously said a rise in national insurance contributions (Nics) would cost it about £11 million extra per year, starting in April. But it also enjoyed a bump in sales from the Euros football tournament over the summer, and a boost from its £162 million takeover of rival City Pub Group in late 2023, which brought a further 50 pubs into the Young's business. And it previously toasted bumper trade over Christmas and new year, with sales across the festive period up 10.5% year-on-year. Chief executive Simon Dodd said: 'We achieved a huge amount during the past financial year, and I am extremely pleased with this performance. 'We delivered it against a challenging backdrop, which was characterised by unpredictable British weather and prolonged economic uncertainty driven by political turbulence through the year. 'Our performance demonstrates the strength and resilience of our premium estate, coupled with the work of our phenomenal teams. 'Together, these factors have enabled our business to continue to thrive and we remain confident in our ability to deliver profitable growth.'
Evening Standard
30-04-2025
- Business
- Evening Standard
Pub group Young's toasts bumper sales year despite rising costs and poor weather
But it also enjoyed a bump in sales from the Euros football tournament over the summer, and a boost from its £162 million takeover of rival City Pub Group in late 2023, which brought a further 50 pubs into the Young's business.
