Young & Co's pours improved profit, froths up dividend

Young & Co's Brewery has poured a £22.1m pre-tax profit for the 26 weeks to 26 September, from the prior year's £19.8m, in what it penned as a strong period of trading.

Interim dividend was a frothy 8.88p a share, up from 8.38p.

"There are challenges ahead: the uncertainty over Brexit and cost pressures such as the National Living Wage, the apprenticeship levy, and on a successful company like us, an exceptionally high increase in business rates," said chief executive Patrick Dardis.

"However, we will continue to stick to our winning strategy and grow our premium business by investing in our existing estate, acquiring new pubs and developing our people."

AIM-quoted Young & Co's said it had delivered sector-leading like-for-like growth of more than 5% for the fifth summer in a row, as well as maintaining its operating margin.

"We have generated sufficient cash to allow us to invest heavily in our estate and increase the dividend for the 20th consecutive year whilst reducing our net debt," Dardis added.

At about 12:54 GMT, shares in Young & Co's were up 0.72 to 1330p.