Thu 10th Nov 2016 - Young’s reports managed division like-for-likes up 5.4% in First Half Young’s reports managed division like-for-likes up 5.4% in First Half: London pub retailer Young’s has reported managed pub like-for-like growth of 5.4% in the 26 weeks to 26 September, its fifth consecutive summer of growth over 5%. Overall revenue was up 7.7% to £136m. Its Geronimo Inns gastro-pub division returned to growth. Its tenanted Ram Pub Company division saw revenue growth of 9.2% and 3.8% on a like-for-like basis. Its margin remained at 18.5% despite the impact of the National Living Wage. Pre-tax profit was up 11.6% to £22.1m. A total of £20.4m was invested in the period including the acquisition of two freeholds – Woolpack (Bermondsey) and Blue Boar (Chipping Norton), its second Cotswolds pub. Net debt was reduced by £2.9 million to £127.3m, despite the high level of investment. Chief executive Patrick Dardis said: “I am very pleased with this set of results. We have delivered sector-leading like-for-like growth of over 5% for the fifth summer in a row, as well as maintaining our operating margin. We have generated sufficient cash to allow us to invest heavily in our estate and increase the dividend for the 20th consecutive year whilst reducing our net debt. Behind our success lies years of investment to create one of the highest quality pub estates in the UK. This has created hundreds of new jobs and we have trained thousands of people, contributing to our local communities and to the economy as a whole. We continue to innovate to attract existing and new customers to our pubs and hotels. We have rolled out our very successful BurgerShack concept to 21 pubs, we are embracing the newfound British love for brunch, and we have just launched “Young’s on Tap”, an app that makes the experience of a Young’s pub even better. There are challenges ahead: the uncertainty over Brexit and cost pressures such as the National Living Wage, the apprenticeship levy, and on a successful company like us, an exceptionally high increase in business rates. However, we will continue to stick to our winning strategy and grow our premium business by investing in our existing estate, acquiring new pubs and developing our people. We have a proven strategy and an outstanding and well-invested estate, we also have the financial and management capacity to grow and there is real energy in our people across the business to take Young’s forward. We therefore feel confident about the future.”