REG - Young & Co's Brew. - Final Results
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RNS Number : 2483F Young & Co's Brewery PLC 21 May 2026
Young & Co.'s Brewery, P.L.C.
Preliminary results for the 52 weeks ended 30 MARCH 2026
Record performance REFLECTING Significant Strategic DELIVERY
2026 2025 %
£m £m change
Revenue 508.2 485.8 +4.6
Operating profit 59.3 37.9 +56.5
Adjusted operating profit(1) 71.3 71.4 -0.1
Adjusted operating margin(1) 14.0% 14.7% -0.7%
Adjusted profit before tax(1) 53.1 51.6 +2.9
Adjusted EBITDA(1) 115.2 113.6 +1.4
EBITDA 110.9 101.9 +8.8
Net debt (pre-IFRS 16) 224.2 248.3 -9.7
Net debt to adjusted EBITDA (pre-IFRS 16) 2.0x 2.4x -0.4x
Net debt 307.0 336.3 -8.7
Net debt to adjusted EBITDA(1) 2.7x 3.0x -0.3x
Statutory profit before tax 41.1 18.1 +127.1
Net assets 793.4 774.4 +2.5
Adjusted basic earnings per share(1) 64.56p 61.84p +4.4
Basic earnings per share 45.19p 16.10p +180.7
( )
Dividend per share(2) 24.44p 23.06p +6.0
(interim and recommended final)
Net assets per share(3) £12.98 £12.47 +4.1
( )
(1) Reference to an "adjusted" item means that item has been adjusted to
exclude a non-underlying pre-tax cost of £12.0 million (2025: non-underlying
cost of £33.5 million).
(2) The dividend, in respect of the period ended 30 March 2026, is expected to
be paid on 15 July 2026 to shareholders who are on the register of members at
the close of business on 5 June 2026.
(3) 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 4.6% to £508.2 million, and
adjusted EBITDA increased 1.4% to £115.2 million, with managed house EBITDA
for the period up 4.0% to £143.9 million.
· Strong like-for-like revenue growth of 4.7% following the
excellent early spring weather and a record-breaking performance over the
Christmas period, reflecting the strength of Young's proven strategy.
· Adjusted profit before tax increased £1.5 million to £53.1
million, with a sector leading operating margin of 14.0%, despite significant
and ongoing increases in National Insurance, National Living Wage, and food
inflation.
· Strong cash generation and a balanced investment strategy has
reduced year end net debt (pre-IFRS 16) by £24.1 million to £224.2 million
(post-IFRS 16 £307.0 million), with the net debt to EBITDA ratio (pre-IFRS
16) at 2.0 times (post-IFRS 16 2.7 times).
· Recommended final dividend of 12.22 pence, resulting in a total
dividend for the year of 24.44 pence, up 6.0% year-on-year, reflecting our
strong performance and progressive dividend policy.
· On 17(th) November 2025, Young's announced a share buyback
programme in respect of its A ordinary and non-voting ordinary shares of 12.5
pence each, for a maximum aggregate consideration of up to £10 million. At
period end, the company has purchased 975,027 shares for a consideration of
£6.1 million.
· Total revenue for the last five weeks was up 7.9% in total, and
up 3.4% on a like-for-like basis, against very strong prior year comparatives.
POST PERIOD END HIGHLIGHTS
· Completed the acquisition of Cubitt House London Pubs, which
comprises a collection of eight iconic leasehold pubs and pubs with bedrooms
in west London, with a further ninth pub in development, on 22 April 2026.
· Admission to the Official List on the London Stock Exchange's
Main Market on 28th April 2026, from AIM.
Simon Dodd, Chief Executive of Young's, commented:
"I am delighted to announce another exceptional set of results, reflecting a
record-breaking 12 months for the business. We achieved a significant
milestone, surpassing half a billion pounds in revenue, with multiple pubs
across the estate delivering record performances throughout the year."
"When the sun shone, we capitalised on investments we have made in our
beautiful outdoor spaces, driving footfall through innovative partnerships,
particularly around events like Wimbledon. Premiumisation in drinks continued,
we doubled down on our seasonal and locally-sourced food strategy and elevated
our rooms offer."
"We kicked off Christmas early to maximise sales through the period,
delivering double-digit like-for-like growth on key days. We also invested in
our estate, with major schemes at The Stag in Belsize Park, and iconic music
venue, the Half Moon in Putney. This was all achieved against a backdrop of
continued challenges in our sector, once again demonstrating the resilience of
our strategy, and the consistent appeal of an extraordinary offer delivered by
exceptional people."
"We are optimistic about the future, and are off to a strong start in the new
financial year. We kicked off the year with our acquisition of Cubitt House
London Pubs and entered a new era on the Main Market of the London Stock
Exchange. The business has positive momentum, we are investing well and our
acquisition strategy is on track. We cannot control the macroeconomic picture,
but everything within our control, including our premium, well-invested
portfolio of pubs and our people puts us in a strong position."
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 Group
Tim Rowntree/Eleni Menikou/Charles
Hirst
+44 (0)7770 753544
youngs@mhpgroup.com (mailto:youngs@mhpgroup.com)
Peel Hunt (joint broker)
George Sellar/Andrew Clark
020 7418 8900
Stifel (joint broker)
Erik Anderson/Francis North/Orme
Clarke
020 7710 7600
PRELIMINARY RESULTS FOR THE 52 WEEKS ENDED 30 MARCH 2026
OVERVIEW
It was a record-breaking 12 months for the business in several ways, the most
significant of which for Young's was surpassing half-a-billion-pounds in
revenue for the first time. We also delivered record performances across a
number of individual days and weeks at various pubs across the estate.
This performance was achieved despite the continued headwinds and cost
pressures that are impacting our entire industry, including those associated
with increases in National Living Wage, National Insurance and food inflation.
Despite these challenges, I am pleased to report that our well-invested,
premium estate has once again delivered an excellent set of results. Total
revenue was up 4.6%, and 4.7% on a like-for-like basis to £508.2 million
(2025: £485.8 million), and adjusted EBITDA up 1.4% to £115.2 million (2025:
£113.6 million). Our operating margins remain industry leading at 14.0% and
adjusted profit before tax increased by 2.9% to £53.1 million (2025: £51.6
million). Total profit before tax was £41.1 million (2025: £18.1 million)
with the significant increase primarily due to a lower net downward movement
in our annual property revaluation, and a reduction in impairments recognised.
Pleasingly, our earnings per share is tracking ahead of profit growth,
reflecting the ongoing positive impact of our share buyback programme and an
improved effective tax rate.
GREAT PUBS OPERATED BY THE BEST TEAM
As always, this success would not have been possible without our amazing
people. They are at the centre of everything we do, at all levels of the
business. Whether it is in our kitchens, behind our bars, or at our head
office, Copper House, they are the beating heart of Young's. That is why
development and succession planning is so important to us. I'm proud to say
that all four of our Directors of Operations are 'homegrown', having worked
their way up from other areas of the business during their careers with us.
Their progression at Young's is a great example of the emphasis we place on
nurturing our colleagues throughout their career. In turn, the true value for
us is their extensive knowledge and deep understanding of our business.
We have the lowest number of vacancies we have ever had, both front and back
of house, and the average tenure of those working at Copper House is now over
seven years. People want to work and stay working here; they feel empowered;
they can see clear career progression pathways; and they understand what comes
next. So, it is thanks to our focus on our people that we are standing here
today in arguably the best position we have ever been in, well-positioned for
the future, and with a talented executive team in place as we enter our next
chapter.
RECENT TRADING AND OUTLOOK
It's been a good start to the new financial year. Last spring was
characterised by sunny, dry weather, which helped us to deliver a
record-breaking performance in 2025. As such, it was always going to be
challenging to deliver meaningful growth against such a strong comparator.
However, we are pleased to report that over the last five weeks our
like-for-like sales increased by 3.4%. Total sales grew by 7.9%, including
four weeks of sales from the eight Cubitt House pubs we acquired in April
2026. This growth, against double-digit growth last year, demonstrates the
benefits of our proven strategy.
Naturally, we are mindful that the uncertain macroeconomic environment will
continue to pose challenges to consumers. However, we have plenty to look
forward to, including the football World Cup this summer, the new Rugby
Nations Championship which starts in July, a strong investment pipeline, and
the integration of the Cubitt House acquisition which completed on 22 April.
We are delighted to have added this collection of eight iconic pubs and pubs
with rooms to the Young's estate, with a ninth pub currently being developed.
They align perfectly with our strategy to grow in London.
We are very optimistic about the future. The business has strong momentum,
like-for-like sales and profit are growing, and our operating margin remains
industry leading. We are continuing to invest in our pubs and reaping rewards,
and our acquisition strategy is on track. While we can't control the backdrop,
we are confident that everything within our control, our premium,
well-invested portfolio of pubs, and our people, is delivering as it should,
providing genuine resilience.
NEXT CHAPTER FOR YOUNG'S
Early in 2026, we announced our intention to move from AIM to the Main Market
of the London Stock Exchange to make Young's accessible to a wider base of
investors, both at home and internationally. Our move to the Main Market,
which completed on 28 April, has been seamless, with good support from
existing shareholders and a number of significant new shareholders. This is an
important part of our evolution as a business, and a logical next step as we
position Young's for continued long-term growth.
Business review
It's been another record-breaking year for Young's. We passed the £500
million revenue mark for the first time, with total revenue up 4.6% to £508.2
million (2025: £485.8 million), and up 4.7% on a like-for-like basis.
Despite battling well-publicised cost headwinds, conversion has remained
strong, and we also delivered record profit for the period. Total adjusted pub
EBITDA was up 4.0% to £143.9 million (2025: £138.3 million) with adjusted
operating margins remaining strong and industry leading at 14.0% (2025:
14.7%). The realisation of the main City Pub Group integration benefits was
completed by the half year, with the final wine contracts moving across in
December. Drink margins are now up just over 1ppts across the acquired estate,
and food margins up just under 7ppts compared with this time last year,
reflecting the procurement benefits and operational improvements that have
been implemented since acquisition. These remaining synergy benefits have
helped to offset the additional costs that Young's has faced across the
period, including the increases in National Living Wage, National Insurance
and food inflation.
The year started extremely well. In stark contrast to 2024's wet spring, the
same period in 2025 was the second driest on record. The warm, sunny weather
meant we were able to fully capitalise on the investments made in Young's
riverside locations, gardens, roof terraces and other outdoor spaces, with the
bank holidays in May delivering particularly strong performances.
We had our biggest ever Wimbledon Tennis Championship, breaking numerous daily
sales records across our six Wimbledon pubs. The iconic Dog & Fox in the
heart of Wimbledon Village delivered the highest ever weekly sales for a
Young's pub, beating its own previous record by 29%, with the Alexandra
delivering its second highest ever weekly sales. We delivered premium,
experience-led activations across all our Wimbledon pubs, elevating the
occasion through standout supplier partnerships and immersive experiences.
From iconic giant tennis balls at the Rose & Crown to a beautifully
curated floral garden at the Dog & Fox. These moments drove both footfall
and social engagement throughout the tournament. At the Alexandra, we
partnered with Stella Artois, the Official Beer Partner of Wimbledon Tennis
Championships, who took over the rooftop and created an
eye-catching exterior floral display, which elevated the overall customer
experience.
It was an exceptional Christmas across the group, with several company records
broken including the best week ever for the Guinea Grill (Mayfair), which beat
the group record set by the Dog & Fox during Wimbledon earlier in the
year. Total managed house revenue for the key three-week festive period ending
5 January was up 11.2% on a like-for-like basis. On key days, including
Christmas Eve, Christmas Day and Boxing Day, trading was particularly strong
with like-for-likes up 12.3%, and the former City Pub estate delivering 26%
growth over Christmas and Boxing Day, reflecting the impact of its alignment
with the wider Young's proposition since acquisition. By focusing on Christmas
from mid-November, and preparing for the period well in advance, we were able
to maximise sales from parties and after-work drinks in London, then from
Christmas itself at our sites outside the M25, and finally from New Year
celebrations.
The momentum continued into January, where sales exceeded expectations. This
was further supported with The Stag (Belsize Park) opening in January,
delivering a very successful first weekend. This performance is expected to
continue this summer, thanks to the pub's amazing garden. Accommodation sales
were boosted by our 'One More Sleep' promotion throughout January and
February, offering customers a second night's stay on us. We launched our two
and three-course winter set menu for the second year running and saw a higher
uptake than in 2025, while the Six Nations rugby tournament boosted trading
momentum in February and contributed to the busiest Saturday since Christmas.
Resurgence of beer driving the drinks category
Drink sales for the period were up 5.3%. Lager now holds 27.8% of total wet
sales, boosted by the great weather at the beginning of the period and general
premiumisation of the range through the continued growth and introduction of
products such as Hawkstone lager, Asahi Super Dry and Jubel Mango. We continue
to widen and diversify our range, with more options on the bar to keep up with
consumer demand. Following a successful beer tender in the second half of the
year, we have started to roll out new products including Modelo Especial,
Jubel Lime (exclusive on draught to Young's) and Stella Artois, with further
new listings expected in the coming year.
This year's Spritz menus delivered greater variety and a more balanced offer,
with an increased focus on emerging categories such as tequila and aperitifs.
Longer, lighter serves continued to resonate strongly with our customers, with
the Sparkling Marg, Pimm's Fizz, Cuban Colada, and the ever-growing in
popularity Hugo Spritz, all performing particularly well. We also strengthened
our focus on British provenance and innovation, introducing brands such as
Sapling Vodka, Burnt Faith Triple Sec and Three Spirit within both alcoholic
and alcohol-free serves. The Spritz campaign delivered a massive £8.8 million
in sales, reflecting the continued customer shift towards longer drinks and
earlier drinking occasions.
Our Winter Cocktail campaign also performed strongly, delivering £2.1 million
in sales, a 34% uplift year-on-year. Playful twists on classics, including the
Sour Cherry Cuba Libre and Hot Honey Picante, sat alongside established
favourites such as the Negroni, which continued to grow in popularity.
Together, both campaigns helped deliver a significant step forward for the
cocktail category, with a 16.2% uplift in year-on-year sales.
Stout remains in good growth, up 12.8%, and holds 10.2% of the total drinks
category, up from 9.6% the prior year. During the year, we introduced
Hawkstone Black and increased our listing of Murphy's stout, as we aim to
create a genuine stout category on the bar. This also helped us reduce our
reliance on Guinness which, despite its supply challenges in recent years,
remains a customer favourite and our top-selling stout by some distance.
Resurgent rosé wine sales were ahead of last year by 10.9%. While popular
through summer months, sales have also established themselves throughout the
rest of the year with the additional upsell opportunity of magnum bottles
proving a hit with customers.
Our food strategy continues to deliver growth
Total food sales were up 3.5% and now form almost 30% of total sales. We
remain confident in our food strategy, with our expert team of executive chefs
working tirelessly to ensure that British, seasonal and fresh produce are at
the heart of every dish we produce, and all our pubs have an individual food
vision within their business plans. To limit food cost increases our menus
evolve monthly, taking advantage of the best of British, premium and seasonal
ingredients and working with our suppliers to ensure the finest quality and
best price.
We continued with both our winter and summer seasonal two and three-course set
menus, capturing the quieter shoulder periods around the busy summer and
Christmas trading. Combined, they delivered an increase on last year with
volumes up 7.1%. They were particularly well received in our food-led pubs
outside of the M25. Staying true to our pub heritage, the pub 'classics'
continue to outperform. Fish and chips remains our top selling dish with more
than 800k sold during the period, delivering sales growth of 5.7%. Naturally,
Sunday roasts remain a cornerstone of the Young's offering, with more than
700k sold. Pleasingly, pubs such as The Alma (Wandsworth) continue to feature
highly across social media for their standout Sunday roasts. Our strength in
food was once again recognised by the wider industry, with the Guinea Grill
(Mayfair) and Oyster Shed (Bank) retaining their AA Rosette and Smiths of
Smithfield (Farringdon) being awarded a two AA Rosette for the Grill
restaurant on the second floor, with its No.3 rooftop restaurant holding an AA
Rosette.
The Burger Shack received an updated menu and naturally performed well during
the warm and sunny start to the year, with total sales up just over 1%. The
next evolution, which has already been launched in several pubs, is our fresh
pizza garden offer, building on the popularity of sharing dishes within small
or larger groups.
Pub with rooms continues its growth trajectory
Total room revenue increased by 4.3% for the period to £32.2 million (2025:
£30.8 million), reflecting both the continued momentum of previous years and
the ongoing conversion of the City Pub Group's 228 rooms into Young's Rooms.
This growth is underpinned by our clear positioning; celebrating the unique
experience and quirkiness of staying in a pub.
We maintained our investment in pubs with rooms, completing development
schemes at The Alma (Wandsworth), Rose & Crown (Wimbledon) and The Crown
(Chertsey). These investments remain critical in supporting long-term growth
and enhancing the quality of our estate. Operational performance remained
strong, with occupancy increasing by 5% over the year. Overall RevPAR
increased by £4.32 to £83.35, reflecting both improved demand generation and
optimised pricing strategies. During the year, we successfully embedded Right
Revenue (an AI revenue management tool) across all 56 pubs. This has
streamlined our revenue strategy, enabling us to capitalise on opportunities
to drive RevPAR growth, while strengthening data insights to inform forward
planning and identify emerging demand periods.
In line with our Young's Rooms strategy, we further enhanced our segmented
approach, with an increased focus on our 'Cityside' properties, offering a
compelling proposition within 20 minutes of major city centres while
delivering the characterful experience of staying in a pub. We also extended
our package strategy to drive longer lead-time leisure bookings. Sip, Supper
& Snooze ran from April to September, followed by Winter Unwind through
the autumn and winter months, with One More Sleep in January and February
driving incremental demand during traditionally quieter trading periods. As we
move into 2026, we will also be launching our own unique Young's loyalty
programme 'You and Young's', rewarding customers for staying in Young's rooms.
Our People Make the Difference
We continue to invest in our people, regardless of the evolving macroeconomic
picture. It is no coincidence that all four of our current Directors of
Operations progressed through training and development and access to the
Young's career pathway. We provide our teams with the necessary skills to help
them reach their career goals. Our Graduate Training Programme runs for two
years and has been highly successful. It gives graduates the chance to immerse
themselves in the hospitality industry and specifically what it means to work
at Young's. The graduates rotate around our different departments including
marketing, finance, food, operations, people and property. We are now in the
third year, with two well-trained graduates finishing their programmes; both
have secured permanent roles within our property and finance teams. Our Self
Development Programme, which runs over one year, is designed to inspire every
participant, from General Managers and Head Chefs to Copper House team
members, to explore new horizons and unlock their full potential.
At Young's, we offer apprenticeship programmes to enhance our internal
training and provide our teams with job-specific qualifications that support
their career paths both within our company and beyond. The scheme has been
running since 2015, and we currently have 85 apprentices in teams across both
Copper House and our pubs.
We're also proud of the work we do to give back to our communities, even when
times are tough. During the period, as part of our long-term relationship with
the inspiring Wooden Spoon Charity, we raised £305,000 through locally
supported initiatives across our pubs. The funds raised will go to support
Natasha's Allergy Research Foundation, The Clink, Dogs for Good, Maddy's Mark,
Farms for City Children and Pass the Plate. Events included the Ram 100
sponsored bike ride, a challenging course through the Surrey Hills, the now
annual Scrum Dine with Young's fundraising evening and Maddy's Mark Mighty
Hike.
Investment
We're committed to maintaining, developing and enhancing our pubs, and
invested £36.1 million in our existing estate in the period. In January 2026,
we reopened the Stag (Belsize Park), having acquired the freehold interest
during the prior period. This follows a transformational scheme of more than
£5.4 million, including the installation of a new 'Garden Room' and an
outdoor area complete with a fully retractable roof to ensure rain never stops
play. The Half Moon (Putney) was another major investment completed during the
year and the pub reopened at the beginning of April 2026. The pub and its
much-loved music venue have been fully refurbished, with a new roof terrace
added to the second floor.
At the Hoste Arms (Burnham Market) we completed a significant investment that
saw us fully redecorate the bar and introduce new furniture throughout. The
Swan (Walton-on-Thames) had a full pub and garden refurbishment to further
capitalise on its Thames-side location during the period. The renamed Daly's
Wine Bar & Beer Hall (City of London), formerly Daly's Wine Bar and Temple
Brewhouse, has been combined into a single site, while still maintaining a
clear point of difference between its two floors. King Street Brewhouse
(Cambridge), formerly Cambridge Brewhouse, also had a rebrand and full
refurbishment, alongside some maintenance works to the pub's in-house brewery.
Its independent design targets the younger, more vibrant Cambridge
demographic.
In addition, we delivered major investments at the Crown (Chertsey), Crown
& Anchor (Chichester), Onslow Arms (Clandon), Aragon House (Fulham), Bear
(Oxshott) The Bull (Ditchling), Home Cottage (Redhill), Coopers Arms
(Chelsea), Victoria (Surbiton) and Larkshall (Chingford), with
transformational schemes at The Althorp (Wandsworth Common), Westgate
(Winchester) and the Old Fire House (Exeter).
Following the planned disposal of one non-trading former City pub, the
surrender of two leases, the sale of an unlicensed property and then the
freehold acquisition of one site, we finished the period with a total of 275
pubs (2025: 277), including 56 pubs with rooms, providing a total of 1,065
bedrooms.
Further Key areas
Property
Our balance sheet strength continues to underpin the ongoing development of
our predominantly freehold estate in highly desirable locations across London
and the South of England. We have continued to add value to this estate during
the year, and the total now stands at £1,051.6 million (2025: £1,042.1
million).
Of our 275 pubs, 79% are freehold or long leaseholds with peppercorn rents.
The carrying value of property leases, including long leaseholds, is
separately recognised as right-of-use assets in note 11. Each year we revalue
our pub estate to reflect current market values. CBRE, an independent and
leading commercial property adviser, has revalued all our freehold properties.
The valuation method used several inputs and the sustainable level of trade of
each pub remained key.
In accordance with UK-adopted international accounting standards, individual
increases in value have been reflected in the revaluation reserve on the
balance sheet (except to the extent that they had previously been revalued
downwards) and individual falls in value below depreciated cost have been
accounted for through the income statement. None of these adjustments have a
cash impact.
Encouragingly, following a strong performance during the period across the
whole estate, we have seen a net upward revaluation movement of £12.8 million
(2025: downward revaluation movement of £7.4 million). This comprises an
upward movement of £21.1 million (2025: £14.4 million) reflected in the
revaluation reserve, and a downward movement of £8.3 million (2025: £21.8
million) as a result of movements in pub EBITDAs, recognised as an adjusting
item in the income statement.
Treasury and going concern
At the period end, the group had committed borrowing facilities of £310.0
million, and in addition to these we maintain a £12.0 million overdraft
facility with HSBC. Our net debt (pre-IFRS 16) reduced by £24.1 million to
£224.2 million (2025: £248.3 million), driven by continued strong cash
generation. Our net debt sits at £307.0 million (2025: £336.3 million). Our
net debt to adjusted EBITDA (pre-IFRS 16) ratio has reduced to 2.0 times
(2025: 2.4 times), while net debt to adjusted EBITDA ratio including lease
liabilities has reduced to 2.7 times (2025: 3.0 times).
As part of the directors' consideration of the appropriateness of adopting the
going concern basis, the group has modelled a base case and a sensitised
'reasonable worst-case scenario' for the going concern period. The base case
is the board-approved budget to March 2027 as well as the board approved
strategic plan covering April 2027 to June 2027. The key judgements applied
are the extent of any influence on trade due to economic uncertainty and its
impact on consumer 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, while
reflecting the inflationary environment that currently exists across the going
concern period. The sensitised reasonable worst scenario looks at a decline in
sales of 6% and a 3% increase in costs after inflationary pressures already
included in the base case. This results in a 22% fall in EBITDA across the
period. 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 and the reasonable worst-case scenario 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.22% and EBITDA reduction of c.37% between
April 2026 and June 2027 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.
Retirement benefits
We have a defined benefit pension scheme which has been closed to new entrants
since 2003. During the year, our pension scheme deficit has reduced from £4.3
million to a net deficit of £0.9 million, driven by an increase in the
discount rate which has resulted in a decrease in the scheme's liabilities. We
have continued our commitment with another year of special contributions,
totalling £1.9 million, and remain fully committed to ensuring the pension
scheme is adequately funded.
Adjusting items
Total adjusting items were £12.0 million in the period (2025: £33.5
million). The reduction in adjusting items largely relates to a £13.9 million
decrease in the downward movement in the property valuation, resulting in a
net movement of £7.7 million (2025: £21.8 million). Fees associated with the
move to the Main Market of £2.4 million were recognised during the period.
Net losses on the disposal of properties within the period were £0.5 million.
The adjusting items also include an impairment charge of £1.3 million related
to right-of-use assets offset by a reversal of £0.8 million in historical
lease impairments.
Tax
A tax charge of £13.0 million (2025: £8.1 million) was recognised for the
year. The effective tax rate was 31.6% (2025: 44.8%) compared to the statutory
rate of 25%, with the difference primarily driven by adjusting items not
deductible for tax purposes together with prior period adjustments. Further
detail can be found in note 7.
Shareholder returns
Young's is a long-standing business that started life in 1831 and we are
determined to maintain our long-term, sustainable growth story. Our top line
trading performance has flowed through to strong profit conversion and cash
generation. Adjusted earnings per share are 64.56 pence (2025: 61.84 pence).
On an unadjusted basis, the earnings per share are 45.19 pence (2025: 16.10
pence). Reflecting our strong profit performance and positive outlook, we are
pleased to recommend a final dividend of 12.22 pence and, if approved by
shareholders, this will give a total dividend for the year of 24.44 pence, up
6% on last year (2025: 23.06 pence).
Simon Dodd
Chief Executive
20 May 2026
GROUP INCOME STATEMENT
For the 52 weeks ended 30 March 2026
2026 2025
52 weeks 52 weeks
Notes £m £m
Revenue 5 508.2 485.8
Operating costs before adjusting items (436.9) (414.4)
Adjusted operating profit 71.3 71.4
Adjusting items 3 (12.0) (33.5)
Operating profit 59.3 37.9
Finance costs 6 (18.0) (19.9)
Finance (charge)/income for pension obligations 12 (0.2) 0.1
Profit before tax 41.1 18.1
Income tax expense 7 (13.0) (8.1)
Profit for the period 28.1 10.0
Attributable to:
Shareholders of the parent company 28.0 9.8
Non-controlling interests 0.1 0.2
28.1 10.0
Pence Pence
Earnings per 12.5p ordinary share
Basic 9 45.19 16.10
Diluted 9 45.15 16.10
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the 52 weeks ended 30 March 2026
2026 2025
52 weeks 52 weeks
Notes £m £m
Profit for the period 28.1 10.0
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Unrealised gain on revaluation of property 10 21.1 14.4
Remeasurement of retirement benefit schemes 12 1.5 (7.3)
Tax on above components of other comprehensive income (6.5) (1.5)
Items that will be reclassified subsequently to profit or loss:
Fair value movement of interest rate swaps (0.2) (1.7)
Tax on fair value movement of interest rate swaps 0.1 0.5
16.0 4.4
Total comprehensive income 44.1 14.4
Attributable to:
Shareholders of the parent company 43.4 14.3
Non-controlling interests 0.7 0.1
44.1 14.4
GROUP BALANCE SHEET
At 30 March 2026
2026 2025
Notes £m £m
Non-current assets
Goodwill 77.1 77.1
Property and equipment 10 1,051.6 1,042.1
Investment properties 3.2 3.8
Right-of-use assets 11 153.8 161.9
Trade and other receivables 1.0 0.9
Derivative financial instruments 0.5 -
Retirement benefit schemes 12 0.6 -
1,287.8 1,285.8
Current assets
Inventories 6.9 6.6
Trade and other receivables 10.9 12.6
Income tax receivable - 0.7
Derivative financial instruments 0.3 1.1
Cash 8.1 7.5
26.2 28.5
Asset held for sale 3.3 -
29.5 28.5
Total assets 1,317.3 1,314.3
Current liabilities
Borrowings(1) (34.2) (20.0)
Bank overdrafts - (3.3)
Lease liabilities 13 (6.4) (6.3)
Trade and other payables (68.6) (62.9)
Income tax payable (1.8) -
(111.0) (92.5)
Non-current liabilities
Borrowings(1) (198.1) (232.5)
Lease liabilities 13 (76.4) (81.7)
Derivative financial instruments - (0.1)
Deferred tax liabilities 14 (136.9) (128.8)
Retirement benefit schemes 12 (1.5) (4.3)
(412.9) (447.4)
Total liabilities (523.9) (539.9)
Net assets 793.4 774.4
Capital and reserves
Share capital 7.7 7.8
Share premium 7.8 7.8
Other reserves 28.1 38.0
Hedging reserve 1.1 1.2
Revaluation reserve 303.3 289.2
Retained earnings 442.4 427.8
790.4 771.8
Non-controlling interests 3.0 2.6
Total equity 793.4 774.4
Approved by the board of directors and signed on its behalf by:
Simon Dodd Chief Executive Officer
Michael Owen Chief Financial Officer
20 May 2026
GROUP STATEMENT OF CASH FLOWS
For the 52 weeks ended 30 March 2026
2026 2025
Notes £m £m
Operating activities
Net cash generated from operations 16 113.9 103.8
Tax paid (8.7) (5.5)
Net cash flows from operating activities 105.2 98.3
Investing activities
Proceeds from disposal of property and equipment(1) 1.1 6.8
Purchase of property and equipment 10 (34.4) (47.0)
Purchase of asset classified as held for sale (1.7) -
Disposal of subsidiary shareholding(2) - 2.3
Net cash used in investing activities (35.0) (37.9)
Financing activities
Purchase of shares through share buyback programme (6.1) -
Interest paid (17.6) (19.1)
Dividends paid 8 (14.7) (14.0)
Acquisition of additional shareholding in subsidiaries(2) (0.4) (0.8)
Payment of principal portion of lease liabilities 13 (6.3) (6.2)
Repayment of borrowings(3) (78.0) (62.0)
Transaction costs incurred on borrowings (0.5) (0.5)
Proceeds from borrowings(3) 57.3 29.5
Net cash flows used in financing activities (66.3) (73.1)
Net (decrease)/increase in cash 3.9 (12.7)
Cash at the beginning of the period 4.2 16.9
Cash at the end of the period 8.1 4.2
(1) During the current period to 30 March 2026, £0.6 million related to the
sale of the Chapel 1877 (Cardiff), and £0.5 million relating to the Market
House (Stow). During the prior period to 31 March 2025, £6.8 million related
to the sale of the Plough (Beddington), Clock House (East Dulwich), Angel
& Greyhound (Oxford), Dolphin (Betchworth), Wild Duck (near Cirencester),
Tavern (Cheltenham), White Hart (Littleton-on-Severn) and an unlicensed
property (Greenford).
(2) During the current period to 30 March 2026, the group increased its
shareholding in both The Galaxy (City) Pub Company Limited and The Sovereign
(City) Pub Company Limited to 69% for consideration of £0.4 million. During
the prior period to 31 March 2025, the group sold its 53% shareholding in The
Pioneer (City) Pub Company Limited, for a total consideration of £2.3
million. In addition, during the prior period the group increased its
shareholding in both The Galaxy (City) Pub Company Limited and The Sovereign
(City) Pub Company Limited to 61% for consideration of £0.8 million.
(3) During the current period to 30 March 2026, the group repaid net £23.0
million of the Revolving Credit Facility debt, repaid £25.0 million in
relation to term loans and drew down net £27.3 million in relation to the
working capital facility. During the prior period to 31 March 2025, the group
repaid net £31.5 million of the Revolving Credit Facility debt and repaid the
£1.0 million term loan with Metro Bank which was held indirectly through the
group.
GROUP STATEMENT OF CHANGES IN EQUITY
For the 52 weeks ended 30 March 2026
Non-controlling
Share Other Hedging Revaluation Retained Total
capital(1) reserves reserve reserve earnings interests equity
Notes £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 period - - - - 9.8 0.2 10.0
Other comprehensive income
Unrealised gain on revaluation of property
- - - 14.3 - 0.1 14.4
Remeasurement of retirement benefit schemes
12 - - - - (7.3) - (7.3)
Net movement of interest rate swaps - cash flow hedge - - (1.7) - - - (1.7)
Tax on above components of other comprehensive income
7 - - 0.5 (2.7) 1.2 - (1.0)
- - (1.2) 11.6 (6.1) 0.1 4.4
Total comprehensive income - - (1.2) 11.6 3.7 0.3 14.4
Transactions with owners recorded directly in equity
Movements in non-controlling interests - - - - (0.1) (1.3) (1.4)
Dividends paid on equity shares - - - - (14.0) - (14.0)
Share based payments - - - - 0.2 - 0.2
- - - - (13.9) (1.3) (15.2)
At 31 March 2025 15.6 38.0 1.2 289.2 427.8 2.6 774.4
Total comprehensive income
Profit for the period - - - - 28.0 0.1 28.1
Other comprehensive income
Unrealised gain on revaluation of property - - - 20.4 - 0.7 21.1
Remeasurement of retirement benefit schemes
12 - - - - 1.7 - 1.7
IFRIC 14 adjustment 12 - - - - (0.2) - (0.2)
Net movement of interest rate swaps - cash flow hedge - - (0.2) - - - (0.2)
Tax on above components of other -
comprehensive income 7 - - 0.1 (6.3) (0.2) - (6.4)
- - (0.1) 14.1 1.3 0.7 16.0
Total comprehensive income - - (0.1) 14.1 29.3 0.8 44.1
Transactions with owners recorded directly in equity
Movements in non-controlling interests - - - - - (0.4) (0.4)
Dividends paid on equity shares 8 - - - - (14.7) - (14.7)
Cancellation of shares (0.1) - - - - - (0.1)
Share buyback - (9.9) - - - - (9.9)
(0.1) (9.9) - - (14.7) (0.4) (25.1)
At 30 March 2026 15.5 28.1 1.1 303.3 442.4 3.0 793.4
(1) Total share capital comprises the nominal value of the share capital
issued and fully paid of £7.7 million (2025: £7.8 million) and the share
premium account of £7.8 million (2025: £7.8 million). Share capital issued
in the period comprises the nominal value of £nil (2025: £nil) and share
premium of £nil (2025: £nil). Share capital cancelled in the period
comprises the nominal value of £0.1 million (2025: £nil) and share premium
of £nil (2025: £nil).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the 52 weeks ended 30 March 2026
1. General information
This preliminary announcement was approved by the board on 20 May 2026. The
financial statements in it are not the group's statutory financial statements.
The statutory financial statements for the period ended 31 March 2025 have
been delivered to the Registrar of Companies. The report for the 2025 accounts
was (i) unqualified, (ii) did not contain any matter to which the auditor drew
attention by way of emphasis without modifying its opinion and (iii) did not
contain a statement under s.498(2) or (3) of the Companies Act 2006. The
statutory financial statements for the period ended 30 March 2026 will be
delivered to the Registrar of Companies in due course.
The current period and prior period relate to the 52 weeks ended 30 March 2026
and the 52 weeks ended 31 March 2025 respectively.
The financial statements are presented in pounds sterling, which is the
functional currency of the parent company, and all values are rounded to the
nearest hundred thousand (£0.1 million), except where otherwise indicated.
The group and parent company financial statements have been prepared in
accordance with UK adopted international accounting standards and the
requirements of the Companies Act 2006. The accounting policies used have been
consistently applied and are described in full in the statutory financial
statements for the period ended 30 March 2026. The financial statements will
also be available on the group's website, www.youngs.co.uk
(http://www.youngs.co.uk) .
Going concern
At 30 March 2026, the group had cash in bank of £8.1 million and committed
borrowing facilities of £310.0 million, of which £204.9 million was drawn
down, net of arrangement fees totalling £2.2 million. The group expects, by
28 June 2027 (the 'going concern' period), to have available facilities of
£303.3 million, with the £110 million tranche of debt completing amortising
repayments during the period to December 2028. In addition to these committed
facilities, the group has a £12.0 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 a sensitised
'reasonable worst-case scenario' for the going concern period. The base case
is the board approved budget to March 2027 as well as the board approved
strategic plan covering April 2027 to June 2027. 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 sensitised reasonable worst scenario looks at a decline of
6% in sales, 3% increase in costs after inflationary pressures already
included in the base case which results in a 22% fall in EBITDA across the
period. 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 and the reasonable worst case scenario 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.22% and profit reduction of c.37% between
April 2026 and June 2027 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. Segmental reporting
In line with the requirements of IFRS 8 Operating Segments, the group is
organised into one reporting segment, that of operating managed houses. This
is in line with the internal reporting to the executive board of the group for
the purpose of deciding on the allocation of resources and assessing
performance. The remaining tenanted houses are grouped together with the
unallocated segment and reported as 'all other segments'. Adjusted operating
profit/(loss) is the primary measure of profit used in internal reporting.
Total segment revenue is derived externally, with no intersegment revenues
between the segments in the period. The group's revenue is derived entirely
from the UK.
Income statement Managed All other
houses segments Total
52 weeks 52 weeks 52 weeks
2026 £m £m £m
Drink sales 321.6 - 321.6
Food sales 151.5 - 151.5
Accommodation sales 32.2 - 32.2
Total revenue from contracts with customers 505.3 - 505.3
Other income 2.3 0.6 2.9
Total revenue recognised 507.6 0.6 508.2
Adjusted operating profit/(loss) 101.7 (30.4) 71.3
Adjusting items (8.9) (3.1) (12.0)
Operating profit/(loss) 92.8 (33.5) 59.3
Managed All other
houses segments Total
52 weeks 52 weeks 52 weeks
2025 £m £m £m
Drink sales 305.5 - 305.5
Food sales 146.3 - 146.3
Accommodation sales 30.8 - 30.8
Total revenue from contracts with customers 482.6 - 482.6
Other income 2.4 0.8 3.2
Total revenue recognised 485.0 0.8 485.8
Adjusted operating profit/(loss) 97.6 (26.2) 71.4
Adjusting items (32.6) (0.9) (33.5)
Operating profit/(loss) 65.0 (27.1) 37.9
3. Adjusting items
During the period the cash flow impact of adjusting items was £nil (2025:
£4.6 million), of which £1.1 million inflow related to investing activities
and £1.1 million outflow related to operating activities (2025: £9.1 million
and £4.5 million respectively).
2026 2025
52 weeks 52 weeks
£m £m
Amounts included in operating profit:
Upward movement on the revaluation of properties (note 10)(1) 6.2 3.8
Downward movement on the revaluation of properties (note 10)(1) (13.9) (25.6)
LSE Main Market Admission Fees(2) (2.4) -
Impairment loss(3) (1.9) (8.7)
Net loss on disposal of properties(4) (0.5) (0.3)
Restructuring costs(5) (0.1) (3.2)
Purchase costs(6) (0.1) -
Tenant compensation(7) (0.1) -
Impairment reversal(8) 0.8 -
Purchase costs - City Pub Group(9) - (0.9)
Integration costs - City Pub Group(10) - (0.3)
Gain on disposal of subsidiary(11) - 1.7
(12.0) (33.5)
Tax on adjusting items:
Tax attributable to adjusting items - 5.1
- 5.1
Total adjusting items after tax (12.0) (28.4)
(1 ) The movement on the revaluation of properties is a
non-cash item that relates to the revaluation exercise that was completed at
the period end date. The revaluation was conducted at an individual pub level
and identified an upward movement of £6.2 million (2025: £3.8 million)
representing reversals of previous impairments recognised in the income
statement, and a downward movement of £13.9 million (2025: £25.6 million),
representing downward movements in excess of amounts recognised in equity.
These resulted in a net downward movement of £7.7 million (2025: a net
downward movement of £21.8 million) which has been recognised in the income
statement. The downward movement for the period ended 30 March 2026 was split
between land and buildings and assets held for sale of £7.7 million (2025:
£21.8 million downward) and fixtures and fittings of £nil (2025: £nil).
(2 ) LSE Main Market admission fees of £2.4 million related
to the fees incurred with transferring from AIM to the Main Market.
(3 ) Impairment losses of £0.6 million were recognised in
relation to investment properties and £1.3 million to right-of-use assets
(2025: £0.5 million to investment properties and £8.2 million in relation to
right-of-use assets). See note 11.
(4 ) The net loss on disposal of properties related to the
difference between cash less disposal costs received from the sale of the
Chapel 1877 (Cardiff) and an unlicensed property at the Bell Hotel
(Stow-on-the-Wold), and the carrying value of their assets, at the date of
disposal. The total cash consideration received for these disposals was £1.1
million. In addition, the net loss on disposal of properties related to the
difference between the value of right-of-use assets and lease liabilities of
the leases of the Hollow Bottom (Guiting Power) and Kings House (Chelsea) (see
note 11 and 13), the disposal of fixture and fittings for the Alban's Well (St
Albans) that transferred from a managed property to a tenanted property, and
the loss on reclassification of two properties to asset held for sale.
In the prior period, the net loss 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),
Dolphin (Betchworth), Wild Duck (near Cirencester), Tavern (Cheltenham), White
Hart (Littleton-on-Severn) and an unlicensed property (Greenford), and the
carrying value of their assets, at the date of disposal. The total cash
consideration received for these disposals was £6.8 million.
(5 ) Restructuring costs of £0.1 million related to
severance costs. In the prior period restructuring costs related to severance
costs paid to employees of City Pub Group.
(6 ) Purchase costs related to professional fees and stamp
duty land tax arising on the acquisition of the freehold of the Queen of the
South (Norwood).
(7 ) Tenant compensation was paid to the previous tenants of
the Clapham North (Clapham) to terminate their lease agreement early.
(8 ) An impairment reversal of £0.8 million was recognised
in relation to right-of-use assets (2025: £nil). See note 11.
(9 ) In the prior period, the purchase costs related to the
acquisition of City Pub Group.
(10 ) In the prior period, the integration costs related to the
integration of City Pub Group, to align with the rest of the group's
operations to achieve common synergies.
(11 ) In the prior period, 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.
4. Other financial measures
The table below shows how adjusted group EBITDA, operating profit and profit
before tax have been arrived at. They exclude adjusting items which, in
management's view due to their material or non-recurring nature, do not form
part of the group's underlying operations. These alternative performance
measures have been provided to help investors assess the group's underlying
performance. Details of the adjusting items can be seen in note 3.
2026 2025
52 weeks 52 weeks
Adjusting Adjusting
Unadjusted items Adjusted Unadjusted items Adjusted
£m £m £m £m £m £m
EBITDA(1) 110.9 4.3(1) 115.2 101.9 11.7 (1) 113.6
Depreciation and net movement on the revaluation of properties (51.6) 7.7 (43.9) (64.0) 21.8 (42.2)
Operating profit 59.3 12.0 71.3 37.9 33.5 71.4
Finance costs (18.0) - (18.0) (19.9) - (19.9)
Finance (charge)/income for pension obligations
(0.2) - (0.2) 0.1 - 0.1
Profit before tax 41.1 12.0 53.1 18.1 33.5 51.6
(1 ) Included within adjusting items of £4.3 million (2025:
£11.7 million) is an impairment loss of £1.9 million (2025: £8.7 million)
and an impairment reversal of £0.8 million (2025: £nil). See note 3.
(2 ) Included within unadjusted depreciation is the net
movement on the revaluation of properties of £7.7 million (2025: £21.8
million) recognised in adjusting items, depreciation of property and equipment
of £35.0 million (2025: £33.1 million), and depreciation of right-of-use
assets of £8.9 million (2025: £9.1 million). See notes 3, 10 and 11.
2026 2025
52 weeks 52 weeks
£m £m
Post-IFRS 16 EBITDA 115.2 113.6
Payments of lease liabilities (10.2) (10.3)
Pre-IFRS 16 EBITDA 105.0 103.3
5. Revenue
The recognition of revenue under each of the group's material revenue streams
is as follows:
2026 2025
52 weeks 52 weeks
£m £m
Drink sales 321.6 305.5
Food sales 151.5 146.3
Accommodation sales 32.2 30.8
Total revenue from contracts with customers 505.3 482.6
Other income 2.9 3.2
Total revenue recognised 508.2 485.8
6. Finance costs
2026 2025
52 weeks 52 weeks
£m £m
Interest on bank loans and overdrafts 14.1 15.8
Interest on lease liabilities 3.9 4.1
18.0 19.9
7. Taxation
The major components of income tax expense for the periods ended 30 March 2026
and 31 March 2025 are:
2026 2025
52 weeks 52 weeks
Tax charged in the group income statement £m £m
Current income tax
Current tax expense 11.2 9.5
Adjustment in respect of current income tax of prior periods 0.1 0.3
11.3 9.8
Deferred tax
Relating to origin and reversal of temporary differences 1.3 (1.2)
Adjustment in respect of deferred tax of prior periods 0.4 (0.5)
1.7 (1.7)
Income tax charged in the income statement 13.0 8.1
A reconciliation of the tax expense at the group's effective tax rate to the
accounting profit before tax at the statutory tax rate for the periods ended
30 March 2026 and 31 March 2025 respectively is as follows:
2026 2025
£m £m
Accounting profit before income tax 41.1 18.1
At the group's statutory income tax rate of 25% (2025: 25%) 10.3 4.5
Tax effects of:
Expenses not deductible for tax purposes(1) 2.2 3.8
Prior period adjustment - current tax 0.4 0.3
Prior period adjustment - deferred tax 0.1 (0.5)
Total tax expense 13.0 8.1
(1 ) The largest component of expenses not deductible for tax
purposes is £1.6 million and relates to depreciation, amortisation and
impairment of assets which is non-deductible in the computation of current tax
expense and for which there is only partial (or no) deferred tax offset. The
costs of preparing to list on the Main Market, with a £0.7 million tax
effect, are also a key adjusting item. Expenses not deductible for tax
purposes also includes the effect of losses on disposal of properties and
property acquisition costs..
8. Dividends on equity shares
2026 2025 2026 2025
Pence per share Pence per share £m £m
Final dividend paid (previous period) 11.53 10.88 7.2 6.8
Interim dividend paid (current period) 12.22 11.53 7.5 7.2
23.75 22.41 14.7 14.0
The table above sets out dividends that have been paid. In addition, the board
is proposing a final dividend in respect of the period ended 30 March 2026 of
12.22 pence per share at an expected cost of £7.5 million. If approved, it is
expected to be paid on 15 July 2026 to shareholders who are on the register of
members at the close of business on 5 June 2026.
9. Earnings per ordinary share
(a) Weighted average number of shares 2026 2025
Number Number
Basic weighted average number of ordinary shares in issue 61,962,259 62,096,842
Dilutive potential ordinary shares from employee share options 52,429 20,349
Diluted weighted average number of shares 62,014,688 62,117,191
(b) Earnings attributable to the shareholders of the parent company
£m £m
Profit for the period 28.0 10.0
Adjusting items 12.0 33.5
Tax attributable to above adjustments - (5.1)
Adjusted earnings after tax 40.0 38.4
Basic earnings per share
Pence Pence
Basic 45.19 16.10
Effect of adjusting items 19.37 45.74
Adjusted basic earnings per share 64.56 61.84
Diluted earnings per share
Pence Pence
Diluted 45.15 16.10
Effect of adjusting items 19.35 45.72
Adjusted diluted earnings per share 64.50 61.82
The basic earnings per share figure is calculated by dividing the net profit
for the period attributable to equity shareholders of the parent 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 52,429 (2025: 20,349) dilutive potential shares under the SAYE and
LTIP schemes.
Adjusted earnings per share are presented to eliminate the effect of the
adjusting items and the tax attributable to those items on basic and diluted
earnings per share.
10. Property and equipment
( )
Fixtures,
Land & fittings &
buildings equipment Total
Cost or valuation £m £m £m
At 1 April 2024 953.3 202.3 1,155.6
Additions 8.3 38.7 47.0
Disposals (7.9) (1.4) (9.3)
Transfer from right-of-use asset(1) 3.2 0.4 3.6
Fully depreciated assets (0.7) (23.5) (24.2)
Revaluation(2)
- upward movement in valuation 41.2 - 41.2
- downward movement in valuation (27.4) - (27.4)
At 31 March 2025 970.0 216.5 1,186.5
Additions 5.4 29.0 34.4
Disposals (1.2) (1.2) (2.4)
Transfer out to asset held for sale (2.2) (0.8) (3.0)
Fully depreciated assets - (23.2) (23.2)
Revaluation(2)
- upward movement in valuation 34.3 - 34.3
- downward movement in valuation (13.7) - (13.7)
At 30 March 2026 992.6 220.3 1,212.9
Depreciation and impairment
At 1 April 2024 39.1 79.6 118.7
Depreciation charge 1.8 31.3 33.1
Disposals (3.9) (0.5) (4.4)
Fully depreciated assets (0.7) (23.5) (24.2)
Revaluation(2)
- upward movement in valuation (4.4) - (4.4)
- downward movement in valuation 25.6 - 25.6
At 31 March 2025 57.5 86.9 144.4
Depreciation charge 1.8 33.2 35.0
Disposals (0.3) (0.6) (0.9)
Transfer out to asset held for sale (0.2) (0.3) (0.5)
Fully depreciated assets - (23.2) (23.2)
Revaluation(2)
- upward movement in valuation (6.7) - (6.7)
- downward movement in valuation 13.2 - 13.2
At 30 March 2026 65.3 96.0 161.3
Net book value
At 1 April 2024 914.2 122.7 1,036.9
At 31 March 2025 912.5 129.6 1,042.1
At 30 March 2026 927.3 124.3 1,051.6
(1 ) During the prior period the group acquired the freehold
interest in the Stag (Belsize Park), which was previously acquired as a
leasehold.
(2 )The group's net book value uplift during the period was £14.1 million (2025: an impairment of £7.4 million). This uplift (2025: impairment) was recognised either in the revaluation reserve or the income statement, as appropriate.
The impact of the property revaluation exercise was as follows:
2026 2025
£m £m
Income statement
Revaluation loss charged as impairment (13.2) (25.6)
Reversal of past impairment 6.2 3.8
Net impairment recognised in the income statement (7.0) (21.8)
Revaluation reserve
Unrealised revaluation surplus 34.8 41.8
Reversal of past surplus (13.7) (27.4)
Net uplift recognised in the revaluation reserve 21.1 14.4
Net revaluation increase/(decrease) in property 14.1 (7.4)
11. Right-of-use assets
Set out below are the carrying amounts of right-of-use assets recognised and
the movements during the period:
Motor
Property vehicles Total
£m £m £m
At 1 April 2024 182.3 0.9 183.2
Additions 0.2 0.4 0.6
Lease amendments 2.5 - 2.5
Impairment losses (8.2) - (8.2)
Lease terminations (3.5) - (3.5)
Transfer out of right-of-use assets (3.6) - (3.6)
Depreciation (8.7) (0.4) (9.1)
At 31 March 2025 161.0 0.9 161.9
Additions 1.0 0.2 1.2
Lease amendments 0.9 - 0.9
Impairment losses (1.3) - (1.3)
Impairment reversals 0.8 - 0.8
Lease terminations (0.8) - (0.8)
Depreciation (8.5) (0.4) (8.9)
At 30 March 2026 153.1 0.7 153.8
The group tests right-of-use assets for impairment when there are indicators
that the assets may be impaired. An impairment is recognised if the
recoverable amount is lower than carrying value. Recoverable amount is
calculated as the higher of fair value less costs of disposal and value in
use. An impairment of £1.3 million was recognised in the income statement
during the current period (2025: £8.2 million). An impairment reversal of
£0.8 million was recognised in the income statement during the current period
(2025: £nil).
12. Retirement benefit schemes
Movement within the schemes in the period
Changes in the present value of the schemes are as follows:
2026 2025
Health Health
Pension care Pension care
scheme scheme Total scheme scheme Total
£m £m £m £m £m £m
Opening (deficit)/surplus (2.6) (1.7) (4.3) 2.4 (1.7) 0.7
Current service cost (0.1) - (0.1) (0.1) - (0.1)
Contributions 2.0 0.2 2.2 2.1 0.2 2.3
Other finance (charge)/income (0.1) (0.1) (0.2) 0.2 (0.1) 0.1
Remeasurement through other
comprehensive income 1.6 0.1 1.7 (7.2) (0.1) (7.3)
0.8 (1.5) (0.7) (2.6) (1.7) (4.3)
IFRIC 14 adjustment (0.2) - (0.2) - - -
Closing surplus/(deficit) 0.6 (1.5) (0.9) (2.6) (1.7) (4.3)
13. Lease liabilities
Set out below are the carrying amounts of lease liabilities and the movements
during the period:
£m
1 April 2024 91.8
Additions 0.6
Lease amendments 2.5
Accretions of interest 4.1
Payments (10.3)
Lease terminations (0.7)
31 March 2025 88.0
Current 6.3
Non-current 81.7
31 March 2025 88.0
Additions 1.2
Lease amendments 0.9
Accretions of interest 3.9
Payments (10.2)
Lease terminations (1.0)
30 March 2026 82.8
Current 6.4
Non-current 76.4
14. Deferred tax
Deferred tax relates to the following:
2026 2025
Deferred tax assets £m £m
Capital losses 0.9 0.7
Retirement benefit schemes 0.4 1.1
Tax losses 0.7 2.2
Shared based payments - 0.3
Deferred tax assets 2.0 4.3
Deferred tax liabilities
Rolled over gains and property revaluations (135.4) (130.9)
Accelerated capital allowance (3.3) (1.9)
Interest rate swaps - cash flow hedge (0.2) (0.3)
Deferred tax liabilities (138.9) (133.1)
Net deferred tax liabilities (136.9) (128.8)
15. Business combinations and asset acquisitions
In the current period, the group acquired the freehold interest of the Queen
of the South (Norwood) as an asset acquisition, for a total cash consideration
of £1.7 million.
In the prior period, the group acquired an unlicensed property (Wandsworth) as
an asset acquisition for a total cash consideration of £0.4 million, and a
previously held leasehold property for a total cash consideration of £0.1
million.
16. Net cash generated from operations and analysis of net debt
2026 2025
52 weeks 52 weeks
£m £m
Profit before tax 41.1 18.1
Net finance cost 18.0 19.9
Finance charge/(income) for pension obligations 0.2 (0.1)
Operating profit 59.3 37.9
Depreciation of property and equipment 35.0 33.1
Movement on revaluation of properties 7.7 21.8
Depreciation of right-of-use assets 8.9 9.1
Net impairment of goodwill, right-of-use assets and investment properties 1.1 8.7
Net loss on disposal of properties 0.5 0.3
Net gain on disposal of subsidiaries - (1.7)
Difference between pension service cost and cash contributions paid (2.0) (2.2)
Share based payments - (0.2)
Movements in working capital
- Inventories (0.3) (0.1)
- Receivables 1.6 1.7
- Payables 2.1 (4.6)
Net cash generated from operations 113.9 103.8
2026 2025
£m £m
Cash 8.1 7.5
Bank overdrafts - (3.3)
Net cash 8.1 4.2
Current borrowings and loan capital (34.2) (20.0)
Non-current borrowings and loan capital (198.1) (232.5)
Net debt (pre-IFRS 16) (224.2) (248.3)
Current lease liability (6.4) (6.3)
Non-current lease liability (76.4) (81.7)
Net debt (307.0) (336.3)
17. Post balance sheet events
On 7 April 2026, the group signed terms to refinance a £50 million term loan
that was due to be repaid in May 2027. At the balance sheet date this facility
was classified as non-current.
On 14 April 2026, the group disposed of the Petersfield (Cambridge) for a
total cash consideration of £0.7 million, which was classified as held for
sale at the current reporting period end date.
On 22 April 2026, the group completed the purchase of 100% of the share
capital of Carpenter Holdco Limited who operate 8 leasehold pubs in London
("Cubitt House"), for a purchase price of £29.4 million. The assets acquired
primarily relate to right-of-use assets and associated property assets. The
purchase has been treated as an asset purchase based on a concentration test
performed by management in line with IFRS 3 Business Combinations.
On 28 April 2026, the group's shares were admitted to the Main Market of the
London Stock Exchange having previously been listed on AIM.
As at 15 May 2026, the company has repurchased an additional 332,550
non-voting shares for a total consideration of £2.2 million. The shares have
subsequently been cancelled.
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