REG - Young & Co's Brew. - Interim Results
14/11/2024 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241114:nRSN1681Ma&default-theme=true
RNS Number : 1681M Young & Co's Brewery PLC 14 November 2024
YOUNG & CO.'S BREWERY, P.L.C.
INTERIM RESULTS FOR THE 26 WEEKS ENDED 30 SEPTEMBER 2024
STRONG PROFIT PERFORMANCE
SUPPORTED BY CITY PUBS INTEGRATION
2024 2023 %
£m £m change
Revenue 250.0 196.5 +27.2
Adjusted operating profit(1) 38.1 31.0 +22.9
Adjusted EBITDA(1) 59.0 47.9 +23.2
Adjusted profit before tax(1) 28.3 28.0 +1.1
Profit before tax 25.3 24.5 +3.3
Net debt 255.8 110.8 +130.9
Net debt to EBITDA(1) (2) 2.6x 1.3x -1.3x
Net debt (including leases) 346.5 184.0 +88.3
Net debt to EBITDA (including leases)(1) (2) 3.4x 2.1x -1.3x
Adjusted basic earnings per share(1) 36.72p 36.08p +1.8
Basic earnings per share 32.21p 29.75p +8.3
Interim dividend per share(3) 11.53p 10.88p +6.0
Net assets per share(4) £12.67 £12.50 +1.4
This interim period includes a full half year contribution from the City Pub
Group acquisition.
1 Reference to an 'adjusted' item means that item has been adjusted to exclude
non-underlying items (see note 2 for adjusted items and note 5 for earnings
per share).
2 Net debt to adjusted EBITDA has been calculated based on the last 12 months'
actual adjusted EBITDA of £98.2 million and £103.3 million including leases
(see note 7 for net debt).
3 The interim dividend, in respect of the period ended 30 September 2024, is
expected to be paid on 6 December 2024 (see note 6).
4 Net assets per share are the group's net assets divided by the shares in
issue at the period end.
HIGHLIGHTS
· Total revenue for the period up 27.2% to £250.0 million, and
adjusted EBITDA up 23.2% to £59.0 million with managed house EBITDA for the
period up 25.1% to £73.8 million.
· Like-for-like revenue growth of 4.4% (5.2% excluding Easter
impact) set against the challenging early spring and summer weather, supported
by an excellent EURO 24.
· Adjusted operating profit up £7.1 million to £38.1 million,
driven by a sector leading margin of 15.2%, despite continued National Living
Wage increases of almost 10%, utility costs and quarter one dual running costs
from the City Pub Group acquisition.
· £21.7 million of investment in the period, £19.4 million
invested in our existing Young's estate, with a further £2.3 million invested
in the City Pub Group estate. The value of our freehold estate as at 1 April
2024 was £1.0 billion.
· Healthy cash generation alongside the planned selective disposal
of six pubs has reduced the year end net debt position by £12.0 million to
£255.8 million (£346.5 million including leases), with net debt to EBITDA at
2.6 times (3.4 times including leases), in line with our target post the City
Pub Group acquisition.
· Interim dividend of 11.53 pence per share, an increase of 6.0%,
reflecting our progressive dividend policy.
· Like-for-like managed house revenue for the last eight weeks was
ahead of last year by 6.0%; and accelerating to 9.2% in the last three weeks,
demonstrating the benefit of the Autumn Internationals.
· Successful integration of City Pub Group into the Young's estate,
head office synergies have already been realised, and further food and drink
margin benefits progressing in line with the acquisition plan.
Simon Dodd, Chief Executive of Young's, commented:
"We've achieved a huge amount as a business in the last six months, reflected
in another strong set of results. The City Pub Group integration has gone
well, with the pub teams welcomed into the Young's family and all operational
control brought together under one leadership team. Our teams have done a
fantastic job, and I'm looking forward to seeing our pubs thrive together"
"I am very pleased with our performance and the progress we have made during
the period, which has been achieved despite some challenges. The weather was
frustrating yet again, with a wet spring and limited periods of prolonged
sunshine during the summer months, however EURO24 and England's successful run
to the final, provided a welcome boost to drink sales with our pubs performing
exceptionally well on match days"
"The new Government's budget will result in significant increased costs for
our industry in the near term through rises in National Minimum Wage and
Employer's NI payments. We expect the cost impact to be approximately £11
million on an annualised basis from next April. We will work to see how we can
mitigate these headwinds without passing on all the cost to our loyal
customers. We would like to see certainty and delivery of real business rate
reform which will benefit all hospitality businesses"
"Given the quality of our estate and on-going strategy, we remain confident in
our ability to deliver long-term growth, including achieving the planned
synergies from the City Pub Group acquisition."
For further information, please contact:
Young & Co.'s Brewery,
P.L.C.
020 8875 7000
Simon Dodd, Chief Executive Officer
Michael Owen, Chief Financial Officer
MHP Communications
07736 464749
Tim Rowntree/ Robert Collett-Creedy
Peel Hunt (NOMAD & Joint Corporate
Broker) 020 7418
8900
George Sellar/Lalit Bose
Stifel (Joint Corporate Broker)
020 7710 7600
Erik Anderson/Francis North
INTERIM STATEMENT
I am very pleased with the performance of our business during the first half
of the year. EURO24, and particularly England's successful run to the final,
provided a welcome boost to drink sales with our pubs performing exceptionally
well on match days. As always, the weather played its part, with spring
generally wet, very limited periods of prolonged sunshine during the summer
months and September unseasonably rainy and cold compared to last year's brief
heatwave. Also, the early Easter meant both Easter bank holiday weekends fell
in the prior year.
Overall, we delivered a strong performance for the period, with total revenue
up 27.2% to £250.0 million (2023: £196.5 million), driven by a like-for-like
performance of 4.4% (5.2% if you exclude the Easter weekend impact),
underpinned by continued investment in our existing estate and the full
period's revenue from the City Pub Group. These results are a testament to the
quality and dedication of our people, and the value added by recent and
consistent investment. It demonstrates that our strategy of running premium,
individual and differentiated pubs continues to deliver.
Since acquiring the City Pub Group in March, our primary focus has been on
integrating the pubs into the Young's estate. Although it is still early days,
the integration is complete, bringing all operational control under one
Young's structure. When the deal was announced, we outlined several synergies
and operational benefits that we aimed to achieve. We have delivered the
planned £6.1 million annual overhead synergies, now operating with a single
head office and common IT systems. Purchasing synergies are also progressing
well, with new beer supply agreements introduced at the end of September on
conclusion of the existing contracts and harmonisation on food purchasing
underway. Naturally the full operational benefits will take longer to achieve,
however we are approaching these in a planned way, ensuring we preserve what's
great and learn from the City Pubs, combined with leveraging our best-in-class
operating practices, booking platforms and digital technology.
As expected, the integration of the City Pub Group has had a minor negative
effect on margins during this period. The purchasing synergies will not
commence until the second half of the year, and operating profit for the first
quarter has been impacted by £1.7 million due to maintaining the two head
office structures. Despite this one-off short-term acquisition impact, the
adjusted operating margin of 15.2% remains one of the highest in our sector.
The City Pub Group acquisition was the largest in our history and it was
important that we prioritised its integration into Young's ahead of
investments and further acquisitions. However, we are committed to maintaining
a premium, well-invested estate, which is core to our continued strong
performance, and our strong financial position enabled us to invest £21.7
million during the period across our existing Young's estate plus several
targeted City Pub investments.
Our achievements this period are fundamentally due to our teams. That's why
it's so important for us to have the best possible people working throughout
the group. We focus on providing high-quality training programmes and
development opportunities to give our people the chance to flourish and
further their careers within Young's, and I am extremely proud of the fact
that during this period 42% of our operations managers, 86% of general
managers and 57% of chefs have been developed and promoted internally.
I would like to take this opportunity to welcome Ian Dyson, who joined the
board as a non-executive director on 2 September 2024, with a strong track
record in consumer facing industries and PLC experience.
In line with our progressive dividend policy and strong financial performance,
the board has decided to raise the interim dividend by 6.0% to 11.53 pence per
share (2023: 10.88 pence per share). This is expected to be paid on 6 December
2024 to shareholders on the register at close of business on 22 November 2024.
BUSINESS REVIEW
Total managed house revenue, supported by the City Pub Group acquisition, was
up 27.3%, and 4.4% on a like-for-like basis (5.2% excluding the Easter weekend
impact) compared to the same period last year. Young's now has a total managed
estate of 278 pubs, this includes 55 pubs with rooms and a total room count of
1,051. This translates to a combined revenue mix of 63% for drink, food at 29%
and accommodation growing to 7%.
Pub-level synergies from acquiring the City Pub Group will be realised in line
with our plan as we enter the second half of this fiscal year. The combined
estate has been navigating significant cost pressures, notably the National
Living Wage, which rose by another 9.7% year-on-year, and utilities. The Ram
Agency, which offers team members the flexibility to select shifts that suit
their needs, while helping us reduce dependency on agency staff and manage our
cost base, has continued to help mitigate some of these cost challenges. The
Ram Agency now accounts for almost 10% of total employees, covering on average
across the period 2,880 shifts and 23,812 hours per month. We have yet to
implement this across the former City Pubs estate but will do so to support
profit growth in the next fiscal year.
Despite on-going headwinds, total pub EBITDA was up 25.1% to £73.8 million
(2023: £59.0 million), Young's pubs delivering £62.1 million and City pubs
achieving £11.7 million. On a like-for-like basis, pub EBITDA was up 3.5% to
£60.1 million. The total adjusted operating profit for our managed estate was
£53.7 million, ahead of last year by £10.9 million, driven by both our
like-for-like estate, individual pub acquisitions and the City Pub
acquisition.
The poor spring weather combined with the lack of an Easter weekend in the
period, meant that the year got off to a much slower start than the prior
year. This was further compounded by very few prolonged periods of warm
sunshine during the summer months. However, EURO24 and England's magnificent
journey through to the final added a welcome boost, driving footfall during
the key games with our pubs performing exceptionally well. During the key
match days Young's like-for-like pubs sold over 850,000 pints, delivering an
additional £2.8 million in revenue for the seven England matches, with
Estrella, Peroni and Guinness being the drinks of choice. The prior period
investment in our pubs was also vitally important in delivering true
like-for-like volume growth, with schemes at the Guinea (Mayfair), reopening
of the Defector's Weld (Shepherd's Bush) and in particular the Leather Bottle
(Earlsfield), which was able to reopen in time to capitalise on EURO24,
performing extremely well.
Our Young's rooms revenue continues to deliver a solid performance with
like-for-like growth of 2.7%. This builds on last year's strong performance
following the launch of our new rooms strategy, 'Young's Rooms', which
celebrates the enjoyment and unique experience of staying in a pub. During the
period we continued our investment in pubs with rooms, starting schemes at The
Windmill (Clapham), Brewers Inn (Wandsworth) and Coach and Horses (Kew), which
was crucial to support future growth, but with an effective 17-week closure
period, naturally impacted like-for-like performance during the period. Our
like-for-like occupancy, which includes the closure periods, dropped
marginally by -0.9%, however with an increase of £4.81 to average room rates,
overall RevPAR increased by £2.68 to £88.89. Including City Pubs revenue
moves the total rooms growth during the period to 37.1%, reflecting the
additional 240 rooms from the City Pubs acquisition.
England's journey to the final of EURO24 boosted drink sales and helped
deliver 2.8% like-for-like volume growth across the period with total
like-for-like drink sales up 5.3% (6.1% excluding Easter impact). We continue
to look at ways to invigorate the category, introducing new exciting beers,
and have added Deya, Jubel and several seasonal local beers to our range so
far this year. However, once again, it is Guinness growth that leads the way,
demonstrating that it is genuinely a drink for any occasion and any season,
with total volume in the Young's pubs up 29.7%. Compared to the same period
last year, total drink sales were up 28.0%, reflecting the added benefit of
the City Pub acquisition.
Our Spritz summer cocktail menus this year introduced several new drinks to
the Young's bar including Allora Spritz, an aperitivo inspired by Procida,
Italy's island of lemons and the hugely popular, modern classic, Hugo Spritz.
We also elevated our range of low and alcohol-free drinks to offer customers
greater choice for different summer drinking occasions with the Elderflower
Elixir, a popular choice containing less than one unit of alcohol and the
Pentire 0.0 Coastal Breeze complementing our already very popular, Amalfi
Spritz.
Our food sales continue to grow, up 2.9% on a like-for-like basis (3.8%
excluding Easter impact) and up 22.8% in total including City Pubs. Our
overall food strategy remains unchanged, and within this we have a number of
pubs that continue to shine. Both the Oyster Shed and Smiths of Smithfield
have retained their one rosette and The Alma, which has seen a 570% increase
in its Sunday roasts sales, was nominated by Pierre Koffman as the best Sunday
roast in London. Our Executive Chef team continue to support our pubs, helping
to mitigate food inflation as far as possible by taking a proactive approach
to using seasonal and locally-sourced British ingredients. We are hopeful that
as we progress through the rest of the year, we will continue to see this
ease, with recent food costs flat compared with this time last year.
With a commitment to give back to our communities, we are in the second year
of our Wooden Spoon partnership and have already raised £175k of our £200k
target. Fundraising for Natasha's Allergy Research Foundation, Dogs for Good,
School of Hard Knocks, Maddy's Mark and Pass the Plate is well underway,
including endurance walks, dog pageants, rugby player hosted dinners,
sustainable fashion swap shops or supplier supported supper clubs.
Following the completion of the City Pub Group acquisition in March, it has
naturally been a quieter period for investment. Nevertheless, during the
period we have invested £19.4 million in our existing estate and an
additional £2.3 million in City Pubs. In July, we reopened the Red Lion
(Radlett) after a major scheme that included a complete redesign and
refurbishment of the bar area and full rooms refresh, creating a pub with
rooms that the local area can be proud of. Another major scheme that was
completed during the period was the Albert (Kingston), closed for 8 weeks
before reopening showcasing a traditional pub feel, unique touches and a new
outside terrace.
Elsewhere, we are on site with major schemes at the Hope and Anchor (Brixton),
Libertine (Bournemouth), Brewers Inn (Wandsworth) and Coach and Horses (Kew).
Of the City Pubs, we have invested in the Roundhouse (Wandsworth), Phene
(Chelsea), Market House (Reading) and are currently on-site at the Pontcanna
Inn (Cardiff). These investments start the process of ensuring that City Pubs
are elevated to the very highest standard. Consistent with our goal to reduce
debt and focus on future growth, we disposed of six non-core pubs during the
period for total proceeds of £5.8 million.
FINANCE
At the period end, our debt reduced by £12.0 million to £255.8 million from
£267.8 million at the year-end, driven by continued strong cash generation of
the combined business and the planned disposal of 6 pubs. Our net debt
including lease liabilities sits at £346.5 million (1 April 2024: £359.6
million). Based on the last twelve months' adjusted EBITDA of £98.2 million
(£103.3 million including lease liabilities), our net debt to EBITDA ratio
has reduced to 2.6 times (1 April 2024: 3.2 times). Our net debt to EBITDA
ratio including lease liabilities has reduced to 3.4 times (1 April 2024: 3.9
times). Our drawn down net debt of £258.9 million (including amortised fees)
provides us with debt headroom of £76.1 million.
The adjusting items of £3.0 million (2023: £3.5 million) relate to £2.9
million restructuring costs as part of the City Pub Group acquisition, fees
related to the acquisition of £0.9 million, and City Pub Group related
integration costs of £0.3 million. This was offset by a gain on disposal of
properties of £1.1 million.
The methodology and assumptions prescribed for the purposes of IAS 19 Pensions
accounting mean that the balance sheet surplus or deficit are inherently
volatile and will vary greatly according to investment market conditions at
each accounting date. In the interim period the net pension scheme surplus has
increased to £1.1 million (1 April 2024: £0.1 million).
Our adjusted earnings per share is up 1.8% to 36.72 pence (2023: 36.08 pence),
reflecting the strength of our top-line trading performance. On an unadjusted
basis, earnings per share is 32.21 pence, up 8.3% (2023: 29.75 pence).
CURRENT TRADING AND OUTLOOK
Recent trading has been strong, with like-for-like trading in the last eight
weeks up by 6.0% and accelerating to 9.2% in the last three weeks. We've
welcomed back the rugby Autumn Internationals, boosting sales in our
south-west London heartland. Christmas bookings are already looking strong,
with confirmed bookings up 33% on this time last year, and a real focus on
maximising the benefit of City Pubs across the festive period.
Since the period end, we have opened the Tellers Arms, a former bank which has
been transformed into a beautiful pub with a rooftop terrace and nine boutique
bedrooms right in the heart of Farnham. In the first seven days of opening it
took just over £73k. Later this year we will also open Tattenham Corner,
overlooking Epsom racecourse, which has been closed since its acquisition last
year. The continued investment in our existing estate will also see us
complete several major schemes over the next month, including the Hope and
Anchor (Brixton), Libertine (Bournemouth) and the rooms refresh at The
Windmill (Clapham).
In the second half of the year, we will see further benefit from the City Pub
Group acquisition, with the new beer range contributing to improved margins,
new food menus and improved operational rigour ensuring we are on track to
achieve our planned synergy benefits in full. We will also continue with our
targeted investment programme across the entire combined estate, balancing our
focus on reducing debt levels and our long-term winning strategy of operating
a premium, individual and well invested estate.
The good start to the second half of the year and our future plans provide
confidence in our winning strategy. However, the macroeconomic environment
together with the latest government budget and the impact this could have on
consumer sentiment remains unpredictable. Yet again, we are very conscious of
the significant impact new underground rail strikes could have on trade in the
lead up to Christmas, a key time of year for the hospitality sector. Despite
this we remain focused on delivering the benefits from the City Pub Group
acquisition and building on our premium position within the pub and bedrooms
sector and are confident in our winning strategy of operating premium,
individual and well-invested managed pubs and bedrooms.
Simon Dodd
Chief Executive
14 November 2024
Group income statement
For the 26 weeks ended 30 September 2024
Unaudited Unaudited Audited
26 weeks 26 weeks 52 weeks
to 30 Sep to 2 Oct to 1 Apr
2024 2023 2024
Notes £m £m £m
Revenue 3 250.0 196.5 388.8
Operating costs before adjusting items (211.9) (165.5) (331.5)
Adjusted operating profit 38.1 31.0 57.3
Adjusting items 2 (3.0) (3.5) (28.7)
Operating profit 35.1 27.5 28.6
Finance income 0.1 - -
Finance costs (9.9) (3.1) (8.1)
Finance income for pension obligations 11 - 0.1 0.2
Profit before tax
25.3 24.5 20.7
Income tax expense 4 (5.0) (7.1) (9.6)
Profit after tax for the period 20.3 17.4 11.1
Attributable to:
Owners of the parent 20.0 17.4 11.1
Non-controlling interests 0.3 - -
20.3 17.4 11.1
Pence Pence Pence
Earnings per 12.5p ordinary share
Basic 5 32.21 29.75 18.89
Diluted 5 32.20 29.74 18.88
Group statement of comprehensive income
For the 26 weeks ended 30 September 2024
Unaudited Unaudited Audited
26 weeks 26 weeks 52 weeks
to 30 Sep to 2 Oct to 1 Apr
2024 2023 2024
Notes £m £m £m
Profit for the period 20.3 17.4 11.1
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Unrealised gain on revaluation of property - - 22.9
Remeasurement of retirement benefit schemes 11 - (6.5) (5.3)
Tax on above components of other comprehensive income - 1.6 (6.1)
Items that will be reclassified subsequently to profit or loss:
Fair value movement of interest rate swaps (2.1) 0.2 (2.1)
Tax on fair value movement of interest rate swaps 0.5 - 0.5
(1.6) (4.7) 9.9
Total comprehensive income for the period 18.7 12.7 21.0
Attributable to:
Owners of the parent 18.4 12.7 21.0
Non-controlling interests 0.3 - -
18.7 12.7 21.0
All of the results above are from continuing operations.
Group balance sheet
At 30 September 2024
Unaudited Unaudited Audited
at 30 Sep at 2 Oct at 1 Apr
2024 2023 2024
Notes £m £m £m
Non-current assets
Goodwill 9 76.3 30.7 77.4
Property and equipment 8 1,044.0 865.1 1,036.9
Investment properties 4.3 - 4.3
Right-of-use assets 9 174.2 144.1 183.2
Derivative financial instruments - 2.2 2.9
Retirement benefit schemes 11 2.6 - 1.8
1,301.4 1,042.1 1,306.5
Current assets
Inventories 6.6 5.4 6.5
Trade and other receivables 16.1 9.9 15.9
Income tax receivable - - 5.0
Derivative financial instruments 2.0 3.0 0.2
Cash 0.1 0.8 16.9
24.8 19.1 44.5
Asset held for sale 10 0.6 3.1 2.2
25.4 22.2 46.7
Total assets 1,326.8 1,064.3 1,353.2
Current liabilities
Borrowings (43.0) (20.0) (71.5)
Lease liabilities 9 (6.6) (4.7) (6.8)
Trade and other payables (61.6) (42.4) (69.7)
Income tax payable (1.7) (0.5) -
(112.9) (67.6) (148.0)
Non-current liabilities
Borrowings (212.9) (91.6) (213.2)
Lease liabilities 9 (84.1) (68.5) (85.0)
Derivative financial instruments (0.9) - (0.2)
Deferred tax liabilities (127.7) (103.5) (129.9)
Retirement benefit schemes 11 (1.5) (2.0) (1.7)
(427.1) (265.6) (430.0)
Total liabilities (540.0) (333.2) (578.0)
Net assets 786.8 731.1 775.2
Capital and reserves
Share capital 12 7.8 7.3 7.8
Share premium 12 7.8 7.8 7.8
Other reserves 38.0 1.8 38.0
Hedging reserve 0.8 4.2 2.4
Revaluation reserve 277.6 260.9 277.6
Retained earnings 451.5 449.1 438.0
783.5 731.1 771.6
Non-controlling interests 3.3 - 3.6
Total equity 786.8 731.1 775.2
Group statement of changes in equity
For the 26 weeks ended 30 September 2024
Notes Share capital and premium Other reserves Hedging reserve Revaluation reserve Retained earnings Non-controlling interest Total equity
£m £m £m £m £m £m £m
At 1 April 2024 15.6 38.0 2.4 277.6 438.0 3.6 775.2
Total comprehensive income
Profit for the 26-week period - - - - 20.0 0.3 20.3
Other comprehensive income
Remeasurement of retirement benefit
schemes 11 - - - - - - -
Net movement of interest rate swaps -
cash flow hedge - - (2.1) - - - (2.1)
Tax on above components of other
comprehensive income - - 0.5 - - 0.5
Total comprehensive income - - (1.6) - 20.0 0.3 18.7
Transactions with owners recorded directly in equity
Dividends paid on equity shares - - - - (6.8) - (6.8)
Share based payments - - - - 0.3 - 0.3
Disposal of non-controlling interests - - - - - (0.6) (0.6)
- - - - (6.5) (0.6) (7.1)
At 30 September 2024 15.6 38.0 0.8 277.6 451.5 3.3 786.8
At 3 April 2023 15.1 1.8 4.0 260.9 442.4 - 724.2
Total comprehensive income -
Profit for the 26-week period - - - - 17.4 - 17.4
Other comprehensive income
Remeasurement of retirement benefit
schemes 11 - - - - (6.5) - (6.5)
Fair value movement of interest rate swaps
- - 0.2 - - - 0.2
Tax on above components of other
comprehensive income - - - - 1.6 - 1.6
Total comprehensive income - - 0.2 - 12.5 - 12.7
Transactions with owners recorded directly in equity
Dividends paid on equity shares - - - - (6.0) - (6.0)
Share based payments - - - - 0.2 - 0.2
- - - - (5.8) - (5.8)
At 2 October 2023 15.1 1.8 4.2 260.9 449.1 - 731.1
Group statement of cash flow
For the 26 weeks ended 30 September 2024
Unaudited Unaudited Audited
26 weeks 26 weeks 52 weeks
to 30 Sep to 2 Oct to 1 Apr
2024 2023 2024
Notes £m £m £m
Operating activities
Net cash generated from operations 7 45.2 41.3 86.0
Tax received/(paid) 0.9 (7.0) (12.6)
Net cash flow from operating activities 46.1 34.3 73.4
Investing activities
Proceeds from disposal of property and equipment(1) 3.9 - 3.3
Purchases of property and equipment 8 (21.7) (23.8) (48.5)
Business combinations, net of cash acquired 8 - (15.3) (144.5)
Direct costs incurred in acquisition of leases (0.2) (0.4) (9.9)
Proceeds from disposal of subsidiary(2) 2.3 - -
Net cash used in investing activities (15.7) (39.5) (199.6)
Financing activities
Issued equity, net of transaction costs 12 - - -
Interest paid (5.7) (2.8) (7.5)
Equity dividends paid 6 (6.8) (6.0) (12.4)
Payments of principal portion of lease liabilities (3.0) (3.3) (6.1)
Repayments of borrowings(3) (28.5) (2.1) (41.1)
Transaction costs incurred on borrowings (3.2) - (2.0)
Proceeds from borrowings(4) - 9.5 201.5
Net cash flow (used in)/from financing activities (47.2) (4.7) 132.4
(Decrease)/increase in cash (16.8) (9.9) 6.2
Cash at the beginning of the period 16.9 10.7 10.7
Cash at the end of the period 0.1 0.8 16.9
(1) During the current period to 30 September 2024, £3.9 million related to
the sale of the Plough (Beddington), Clock House (East Dulwich), Angel &
Greyhound (Oxford) and an unlicensed property (Greenford). During the prior
52-week period to 1 April 2024, £3.3 million related to the sale of the Salt
Room (Islington).
(2) During the current period to 30 September 2024, the group sold its 53%
shareholding in The Pioneer (City) Pub Company Limited, for a total
consideration of £2.3 million.
(3) During the current period to 30 September 2024, the group paid down £28.5
million Revolving Credit Facility debt. During the prior 52-week period to 1
April 2024, the group repaid their £20.0 million term loan with Barclays and
HSBC, and the City Pub Group's £21.1 million term loan.
( )
(4) During the prior 52-week period to 1 April 2024, the group entered into a
new £110.0 million term loan with HSBC, NatWest, and Barclays. The group also
drew down £91.5 million on the Revolving Credit Facility.
( )
( )
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTS
This interim report was approved by the board on 13 November 2024. The interim
financial statements are unaudited and are not the group's statutory accounts
as defined in s.434 of the Companies Act 2006.
The accounting policies used in the preparation of the consolidated interim
financial statements are in accordance with the recognition and measurement
criteria of UK-adopted International Accounting Standards. These standards are
applied from 2 April 2024 with no changes to the accounting policies set out
in the statutory accounts of Young & Co.'s Brewery, P.L.C. for the period
ended 1 April 2024 (UK-adopted International Accounting Standards). The
financial statements have not been prepared (and are not required to be
prepared) in accordance with IAS 34: Interim Financial Reporting, with the
exception of note 4, taxation, where the tax charge for the half year to 30
September 2024 has been calculated using an estimate of the full year
effective tax rate, in line with the principles of IAS 34. The accounting
policies have been applied consistently throughout the group for the purposes
of preparation of this financial information.
The interim report is presented in pounds sterling and all values are shown in
millions of pounds (£m) rounded to the nearest £0.1 million, except where
otherwise indicated.
Statutory accounts for the period ended 1 April 2024 have been delivered to
the Registrar of Companies. The auditor's report on those accounts was
unqualified and did not contain any reference to any matters to which the
auditor drew attention by way of emphasis without qualifying the report.
Further, that report did not contain a statement under s.498(2) or (3) of the
Companies Act 2006.
This interim report has been prepared in accordance with the AIM Rules issued
by the London Stock Exchange.
Going concern
At 30 September 2024, the group had cash in bank of £0.1 million and
committed borrowing facilities of £335.0 million, of which £258.9 million
was drawn down, net of arrangement fees totalling £3.1 million. The group
expects, by 24 November 2025 (the 'going concern' period), to have available
facilities of £315.0 million, with one tranche of debt, the £20.0 million
term loan, maturing during November 2025. In addition to these committed
facilities, the group has a £10.0 million overdraft facility with HSBC, which
is not committed, and is therefore not assumed to continue for the purpose of
this assessment.
As part of the directors' consideration of the appropriateness of adopting the
going concern basis, the group has modelled a base case and two sensitised
scenarios for the going concern period. The base case is the board approved
forecast to March 2025 as well as the board approved strategic plan covering
April to November 2025. The key judgements applied are the extent of any
influence on trade due to economic uncertainty and its impact on consumers
spending or indeed other one-off demand shocks, and the cost pressures that
the hospitality industry is continuing to face.
The base case model assumes the group continues to trade as now whilst
reflecting the inflationary environment that currently exists across the going
concern period. The general reduction in trade scenario looks at a decline of
15% in sales and 19% in EBITDA across the period. The cost inflation scenario
includes an average 5% increase in the food cost base and 10% increase in
general pub operating costs for the period with no retail price increases. The
group has assumed capital expenditure levels will continue at historical
levels and no structural changes to the business will be needed in any of the
scenarios modelled.
In the base case, general reduction in trade and cost inflation scenarios
there continues to be comfortable headroom on the group's debt facilities and
all banking covenants are fully complied with throughout the going concern
period.
The group has also performed a reverse stress test case. The test focused on
the decline in sales and profit that the group would be able to absorb before
breaching any financial covenants or indeed any liquidity issues. There would
need to be a sales reduction of c.40% and profit reduction of c.60% between
November 2024 and November 2025 compared to the base case, a reduction far in
excess of those experienced historically (with the exception of the restricted
covid-19 period), before there is a breach of financial covenants in the
period and is calculated before reflecting any mitigating actions such as
reduced capital expenditure.
Based on these forecasts and sensitivities, coupled with the current debt
levels and the ongoing debt structure in place, the board is confident that
the group can manage its business risks and therefore continue in operational
existence for the foreseeable future. For this reason, the group continues to
adopt the going concern basis in preparing its financial statements.
2. ADJUSTING ITEMS AND OTHER FINANCIAL MEASURES
During the period the cash flow impact of adjusting items was £2.1 million
(for the period ended 2 October 2023: £1.4 million).
26 weeks 26 weeks 52 weeks
to 30 Sep to 2 Oct to 1 Apr
2024 2023 2024
£m £m £m
Amounts included in operating profit
Gain on disposal of subsidiary(1) 0.7 - -
Net profit on disposal of properties(2) 0.4 - (1.3)
Restructuring costs(3) (2.9) - (0.1)
Purchase costs - City Pub Group(4) (0.9) - (6.2)
Integration costs - City Pub Group(5) (0.3) - -
Impairment loss(6) - (2.1) (5.5)
Purchase costs(7) - (0.8) (2.2)
Tenant compensation(8) - (0.6) (0.6)
Upward movement on the revaluation of properties (note 8)(9) - - 2.9
Downward movement on the revaluation of properties (note 8)(9) - - (15.7)
(3.0) (3.5) (28.7)
Tax attributable to above adjusting items 0.2 (0.2) 2.8
Impact of change in corporation tax rate - - -
0.2 (0.2) 2.8
Total adjusting items after tax (2.8) (3.7) (25.9)
(1 ) The gain on disposal of a subsidiary relates to the
difference between the consideration received and the assets and liabilities
disposed of as part of the disposal of the 53% shareholding in The Pioneer
(City) Pub Company Limited. It also includes the derecognition of the
non-controlling interest in this subsidiary at the date of disposal.
(2 ) The net profit on disposal of properties related to the
difference between cash, less disposal costs, received from the Plough
(Beddington), Clock House (East Dulwich), Angel & Greyhound (Oxford) and
an unlicensed property (Greenford), and the carrying value of their assets, at
the date of disposal. The net profit on disposal of properties also included
the loss on reclassification of one property to asset held for sale (note 10).
During the previous 52-week period to 1 April 2024, the profit on disposal of
properties related to the difference between cash, less disposal costs,
received from the sale of the Salt Room (Islington) and the carrying value of
its assets, including goodwill, at the date of disposal. In addition, the loss
on disposal of properties related to the difference between the value of
right-of-use assets and lease liabilities of the old leases of the Guinea
Grill (Mayfair), Wheatsheaf (Esher), Coat & Badge (Putney) and the Fellow
(King's Cross), which were replaced with new leases. The net profit on
disposal of properties also included the loss on reclassification of two
properties to asset held for sale (note 10).
(3 ) Restructuring costs related to severance costs paid to
employees of City Pub Group. During the previous 52-week period to 1 April
2024, restructuring costs related to severance costs paid to employees of one
of the acquired business combinations.
(4 ) During the current period and the previous 52-week
period to the 1 April 2024, purchase costs related to professional fees and
stamp duty land tax arising on the acquisition of City Pub Group. See note 8.
(5 ) Integration costs related to the integration of City Pub
Group, to align with the rest of the group's operations to achieve common
synergies.
(6 ) During the previous 52-week period to 1 April 2024,
impairment losses were recognised in relation to goodwill and right-of-use
assets (£1.7 million and £3.8 million respectively). See note 8.
(7 ) During the previous 52-week period to 1 April 2024,
costs related to the purchase of the Libertine (Westbourne), White Hart
(Ford), White Lion (Tenterden), Huntsman (Brockenhurst), Ship Inn (Noss Mayo)
and the Tattenham Corner (Epsom). These included legal and professional fees
and stamp duty land tax.
(8 ) During the previous 52-week period to 1 April 2024,
tenant compensation was paid to the tenants of the Clapham North (Clapham) and
the King's Head Theatre (Islington) and related to the termination of their
leases.
(9 ) The net downward movement on the revaluation of
properties in the previous 52-week period to 1 April 2024 related to net
downward movements in excess of amounts recognised in equity. See note 9 in
the statutory accounts for the period ended 1 April 2024 for further details.
Other financial measures
The table below shows how adjusted EBITDA, adjusted operating profit and
profit before tax have been arrived at. These alternative performance measures
have been provided as the board believes that they give useful additional
measures of the group's underlying performance and are the measures that the
board uses to assess the group's performance.
26 weeks 26 weeks 52 weeks weeks
to 30 Sep to 2 Oct to 1 Apr
2024 2023 2024
£m £m £m
Profit before tax 25.3 24.5 20.7
Adjusting items 3.0 3.5 28.7
Adjusted profit before tax 28.3 28.0 49.4
Finance income (0.1) - -
Finance costs 9.9 3.1 8.1
Finance income for pension obligations - (0.1) (0.2)
Adjusted operating profit 38.1 31.0 57.3
Depreciation 20.9 16.9 34.9
Adjusted EBITDA 59.0 47.9 92.2
During the period, £53.7 million of adjusted operating profit related to
managed houses (in the period ended 2 October 2023: £42.8 million). Adjusted
operating loss of £15.6 million mainly related to head office costs and was
unallocated (in the period ended 2 October 2023: £11.8 million).
During the period, £73.8 million of adjusted EBITDA related to managed houses
(in the period ended 2 October 2023: £59.0 million). Adjusted negative EBITDA
of £14.8 million mainly related to head office costs and was unallocated (in
the period ended 2 October 2023: £11.1 million).
3. REVENUE
The recognition of revenue under each of the group's material revenue streams
is as follows:
26 weeks 26 weeks 52 weeks
to 30 Sep to 2 Oct to 1 Apr
2024 2023 2024
£m £m £m
Drink sales 158.6 123.9 242.9
Food sales 72.8 59.3 120.1
Accommodation sales 17.3 12.6 23.7
Total revenue from contracts with customers 248.7 195.8 386.7
Other income(1) 1.3 0.7 2.1
Total revenue recognised 250.0 196.5 388.8
(1) Other income includes rental income and room hire.
4. TAXATION
The taxation charge for the 26 weeks ended 30 September 2024 results in an
effective tax rate of 19.87% (52 weeks ended 1 April 2024: 46.6%).
26 weeks 26 weeks 52 weeks
to 30 Sep to 2 Oct to 1 Apr
Tax charged in the group income statement 2024 2023 2024
£m £m £m
Current tax
Corporation tax expense 5.8 6.5 8.4
Adjustment in respect of current tax of prior periods - - (1.4)
5.8 6.5 7.0
Deferred tax
Origination and reversal of temporary differences (0.8) 0.6 1.5
Adjustment in respect of prior periods - - 1.1
(0.8) 0.6 2.6
Tax charge in the income statement 5.0 7.1 9.6
The effective half year current tax rate of 23.01% is down from the 33.82% in
the prior 52-week period to 1 April 2024. This is below the statutory rate of
25% (52 weeks ended 1 April 2024: 25%), largely due to the temporary
differences arising from the capital allowances 'full expensing' at 100% of
eligible expenditure and special rate allowance at 50% of eligible
expenditure. It is lower than the prior 52-week period due to utilisation of
tax losses brought forward by the entities in the City Pub Group in the 26
weeks ended 30 September 2024.
5. EARNINGS PER ORDINARY SHARE
(a) Weighted average number of shares
26 weeks 26 weeks 52 weeks
to 30 Sep to 2 Oct to 1 Apr
2024 2023 2024
Number Number Number
Basic weighted average number of ordinary shares in issue 62,096,842 58,484,602 58,762,467
Dilutive potential ordinary shares from outstanding employee share options
9,875 20,236 36,547
Diluted weighted average number of shares 62,106,717 58,504,838 58,799,014
(b) Earnings attributable to shareholders of the parent company
26 weeks 26 weeks 52 weeks
to 30 Sep to 2 Oct to 1 Apr
2024 2023 2024
£m £m £m
Profit for the period 20.0 17.4 11.1
Adjusting items 3.0 3.5 28.7
Tax attributable to adjusting items (0.2) 0.2 (2.8)
Adjusted earnings after tax 22.8 21.1 37.0
Basic earnings per share
Pence Pence Pence
Basic 32.21 29.75 18.89
Effect of adjusting items 4.51 6.33 44.08
Adjusted basic 36.72 36.08 62.97
Diluted earnings per share
Pence Pence Pence
Diluted 32.20 29.74 18.88
9
Effect of adjusting items 4.51 6.33 44.05
Adjusted diluted 36.71 36.07 62.93
The basic earnings per share figure is calculated by dividing the net profit
for the period by the weighted average number of ordinary shares in issue
during the period. Diluted earnings per share have been calculated on a
similar basis taking into account 9,875 (2023: 20,236) dilutive potential
shares under the group's SAYE and LTIP schemes.
Adjusted earnings per share are presented to eliminate the effect of the
adjusting items on basic and diluted earnings per share.
6. DIVIDENDS ON EQUITY SHARES
26 weeks 26 weeks 52 weeks
to 30 Sep to 2 Oct to 1 Apr
2024 2023 2024
Pence Pence Pence
Final dividend paid (previous period) 10.88 10.26 10.26
Interim dividend paid (current period) - - 10.88
10.88 10.26 21.14
The table above sets out dividends that have been paid. The final dividend in
respect of the period ended 1 April 2024, at a cost of £6.8 million (for the
period ended 3 April 2023: £6.0 million) was paid during the period. The
interim dividend, in respect of the period ended 30 September 2024, at a cost
of £7.2 million (for the period ended 2 October 2023: £6.4 million), is
expected to be paid on 6 December 2024 to shareholders on the register at the
close of business on 22 November 2024.
7. NET CASH GENERATED FROM OPERATIONS AND ANALYSIS OF NET DEBT
26 weeks 26 weeks 52 weeks
to 30 Sep to 2 Oct to 1 Apr
2024 2023 2024
£m £m £m
Profit before tax 25.3 24.5 20.7
Net finance cost 9.8 3.1 8.1
Finance charge for pension obligations - (0.1) (0.2)
Operating profit 35.1 27.5 28.6
Depreciation of property and equipment 16.4 13.3 27.6
Depreciation of right-of-use assets 4.5 3.6 7.3
Impairment of goodwill and right-of-use assets - 2.1 5.5
Movement on the revaluation of properties - - 12.8
Net profit on disposal of property (0.4) - 1.3
Net profit on disposal of subsidiary (0.7) - -
Difference between pension service cost and cash contributions paid (1.1) (0.7) (1.4)
Share based payments (0.3) (0.2) (0.7)
Movements in working capital
- Inventories (0.1) - 0.1
- Receivables (0.1) (0.4) 0.5
- Payables (8.1) (3.9) 4.4
Net cash generated from operations 45.2 41.3 86.0
Analysis of group net debt
At 30 Sep At 2 Oct At 1 Apr
2024 2023 2024
£m £m £m
Cash 0.1 0.8 16.9
Current borrowings and loan capital (43.0) (20.0) (71.5)
Current lease liabilities (6.6) (4.7) (6.8)
Non-current borrowings and loan capital (212.9) (91.6) (213.2)
Non-current lease liabilities (84.1) (68.5) (85.0)
Net debt (346.5) (184.0) (359.6)
8. PROPERTY AND EQUIPMENT
Fixtures,
Land & fittings &
buildings equipment Total
Cost or valuation £m £m £m
At 3 April 2023 784.1 162.2 946.3
Additions 8.3 40.2 48.5
Business combinations 146.3 22.7 169.0
Disposals (3.0) (0.4) (3.4)
Transfer out to asset held for sale (2.5) (0.5) (3.0)
Fully depreciated assets (2.3) (21.9) (24.2)
Revaluation
- effect of upward movement in property valuation 42.8 - 42.8
- effect of downward movement in property valuation (20.4) - (20.4)
At 1 April 2024 953.3 202.3 1,155.6
Additions 4.6 17.1 21.7
Disposals (0.9) (0.4) (1.3)
Transfer from right-of-use assets(1) 3.2 0.4 3.6
Transfer out to asset held for sale (2.6) (0.1) (2.7)
Fully depreciated assets (0.3) (10.6) (10.9)
At 30 September 2024 957.3 208.7 1,166.0
Depreciation and impairment
At 3 April 2023 28.0 75.8 103.8
Depreciation charge 1.6 26.0 27.6
Disposals - (0.1) (0.1)
Transfer out to asset held for sale (0.5) (0.2) (0.7)
Fully depreciated assets (2.3) (21.9) (24.2)
Revaluation
- effect of upward movement in property valuation (3.4) - (3.4)
- effect of downward movement in property valuation 15.7 - 15.7
At 1 April 2024 39.1 79.6 118.7
Depreciation charge 0.9 15.5 16.4
Transfer out to asset held for sale - (0.2) (0.2)
Disposals (2.0) - (2.0)
Fully depreciated assets (0.3) (10.6) (10.9)
At 30 September 2024 37.7 84.3 122.0
Net book value
At 3 April 2023 756.1 86.4 842.5
At 1 April 2024 914.2 122.7 1,036.9
At 30 September 2024 919.6 124.4 1,044.0
(1) During the current period the group acquired the freehold interest in the
Stag (Belsize Park), which was acquired as a leasehold during the prior
period.
Business combinations
The City Pub Group
In the prior period to 1 April 2024, the group acquired the entire issued
share capital of the City Pub Group, a premium pub and hotel operator. The
total consideration was £158.0 million, of which £121.3 million was paid in
cash and £36.7 million was settled in shares. The final fair value of the
identifiable assets and liabilities recognised on acquisition were £115.0
million. Goodwill of £46.6 million was recognised on the acquisition. The
group incurred £6.2 million of costs associated with the acquisition, which
were recorded within adjusting items (note 2). In the current period to 30
September 2024, the group incurred £0.9 million of additional costs
associated with the acquisition, which were recorded within adjusting items
(note 2).
Crooked Billet
In the prior period to 1 April 2024, the group acquired the entire issued
share capital of Crooked Billet Limited, a subsidiary company which owns and
operates the Crooked Billet (Clapton) for a total cash consideration of £7.3
million. The final fair value of the identifiable assets and liabilities
recognised on acquisition were £7.3 million. No goodwill was recognised on
the acquisition as the fair value of the net assets acquired was equal to the
cash consideration exchanged. The group incurred £0.7 million of costs
associated with the acquisition, which were recorded within adjusting items
(note 2).
Other business combinations
In the prior period to 1 April 2024, the group acquired the Libertine
(Westbourne), White Hart (Ford), White Lion (Tenterden), Huntsman
(Brockenhurst), Ship Inn (Noss Mayo) and the Tattenham Corner (Epsom), which
formed business combinations for a total cash consideration of £25.8 million,
which was settled during the prior period. Each pub was purchased individually
and did not form part of a group acquisition. The final aggregated fair value
of the identifiable assets and liabilities of the acquired businesses were
property and equipment of £25.8 million. The group incurred £1.5 million of
costs associated with the acquisitions, which were recorded within adjusting
items (see note 2).
Other acquisitions
During the period the group acquired an unlicensed property (Wandsworth) as an
asset acquisition for a total cash consideration of £0.4 million.
Revaluation of property and equipment
The values of the group's freehold land, buildings and fixtures and fittings
were reviewed in light of current market factors by management and by Savills,
who perform a desktop review based upon information provided by the group,
pursuant to the group's accounting policy. The group considers that the
valuation reached at 1 April 2024 still represents the best estimate of the
fair value of the estate at 30 September 2024.
Details of the methodology used in determining the group's property values are
discussed in the group's audited accounts for the 52 weeks ended 1 April
2024. The key inputs are EBITDA, a multiplier and, in some cases, underlying
property values. A sensitivity analysis has been conducted on the property
estate to give an indication of the impact of movements in the most sensitive
assumption, EBITDA. The analysis considers this single change with the other
assumptions unchanged. In practice, changes in one assumption may be
accompanied by changes in another. Changes in market values may also occur at
the same time as any changes in assumptions. This information should not be
taken as a projection of likely future valuation movements. Decreasing or
increasing the EBITDA used in the revaluation by 10% would decrease/increase
the valuation by £78.0 million and £81.6 million respectively.
9. LEASE LIABILITIES, RIGHT-OF-USE ASSETS AND GOODWILL
Set out below are the carrying amounts of the group's right-of-use assets and
lease liabilities and the movements during the period:
Right-of-use assets Lease
liabilities
£m £m
As at 3 April 2023 142.9 71.7
Additions 23.8 13.9
Business combinations 33.5 16.7
Lease amendments 1.4 1.4
Depreciation expense (7.3) -
Accretion of interest - 2.8
Payments - (8.9)
Impairments (3.8) -
Lease terminations (7.3) (5.8)
As at 1 April 2024 183.2 91.8
Additions 0.4 0.4
Lease amendments 2.1 2.0
Depreciation expense (4.5) -
Accretion of interest - 2.1
Payments - (5.1)
Disposals (7.0) (0.5)
As at 30 September 2024 174.2 90.7
Right-of-use assets predominantly relate to leasehold properties, along with
motor vehicles and IT equipment.
The depreciation charge is recognised within operating costs in the income
statement.
Lease amendments in both the current and prior period largely represent
upwards market rent reviews.
Impairment considerations
The group tests goodwill annually for impairment or more frequently if there
are indicators that goodwill may have been impaired. There will be an
impairment if the recoverable amount is lower than carrying value. Recoverable
amount is the higher of value in use or fair value less costs to sell. The
value in use is calculated using the budget approved by the board. At 30
September 2024, no impairment has been recognised in respect of the current
period (1 April 2024: £1.7 million).
At the start of the period, in light of the recent acquisition of the City Pub
Group, management reviewed its grouping of CGUs for the purposes of assessing
the impairment of goodwill. Based on the result of this review, management has
determined that the group now has one group of CGUs, being total managed
houses, which aligns with the operating segments identified by management. The
key factors considered in management's conclusion include the groupwide
synergies created as a result of the City Pub Group acquisition, alongside the
group internally reporting and planning resources based on the results of the
combined businesses. Before initiating the change in CGU grouping, in
accordance with IAS 36, management performed a value in use impairment test on
the pre-existing groups of CGUs and determined there to be no impairment of
goodwill within any of the groups.
The group monitors the latest government legislation in relation to
climate-related matters. At the current time, no legislation has been passed
that will significantly impact the group's impairment review. The group will
adjust the key assumptions used in value-in-use calculations and sensitivity
to changes in assumptions should a change be required.
10. ASSET HELD FOR SALE
Unaudited Unaudited Audited
at 30 Sep at 2 Oct at 1 Apr
2024 2023 2024
£m £m £m
Goodwill - 0.1 -
Property and equipment 0.6 3.0 2.2
Property held for sale 0.6 3.1 2.2
At 30 September 2024 one property was classified as held for sale based on its
fit with the remaining group's estate. Sale is expected within 12 months from
the reporting date. On reclassifying the property as held for sale a charge of
£0.1 million was recognised within adjusting items (see note 2).
11. RETIREMENT BENEFIT SCHEMES
The table below summarises the movement in the retirement benefit schemes in
the period.
26 weeks 26 weeks 52 weeks
to 30 Sep to 2 Oct to 1 Apr
2024 2023 2024
£m £m £m
Changes in the present value of the retirement benefit schemes are as follows:
Opening surplus 0.1 3.7 3.7
Current service cost (0.1) (0.1) (0.1)
Contributions 1.1 0.8 1.6
Finance income for pension obligations - 0.1 0.2
Remeasurement through other comprehensive income 0.8 (6.5) (4.7)
1.9 (2.0) 0.7
IFRIC 14 adjustment (0.8) - (0.6)
Closing surplus/(deficit) 1.1 (2.0) 0.1
As at 1 April 2024, the group determined that the accounting surplus should be
recognised after deducting withholding tax, which would be levied prior to the
future refunding of any surplus and would be payable by the Trustees of the
Scheme. The pension surplus has therefore been presented on a net basis at 30
September 2024 and at 1 April 2024.
12. SHARE CAPITAL
Total share capital comprises the nominal value of the share capital issued
and fully paid of £7.8 million (2024: £7.8 million) and the share premium
account of £7.8 million (2024: £7.8 million). Share capital issued in the
period comprises a nominal value of £nil (2024: £0.5 million) and a share
premium of £nil (2024: £nil).
13. POST BALANCE SHEET EVENTS
Subsequent to the period end the group sold the Tavern (Cheltenham), which was
classified as held for sale at 30 September 2024, for a total cash
consideration of £0.6 million.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR FFFILLILVLISRecent news on Young & Co's Brewery
See all newsREG - Young & Co's Brew. - FY25 Trading Update
AnnouncementREG-Young & Co's Brew. Block listing Interim Review
AnnouncementREG-Young & Co's Brew. Offer Update
AnnouncementREG-Young & Co's Brew. Holding(s) in Company
AnnouncementREG-Young & Co's Brew. Block listing Interim Review
Announcement