Young & Co.'s Brewery (YNGA) H1 2027 earnings summary

Executive summary

• Record H1 revenue of £291.1m, up 10.4%, and adjusted PBT of £37.1m, up 19.3%; like-for-like sales grew 6.4%.

• Like-for-like sales rose 7.9% in the final 13 weeks; Cubitt House integration was completed and contributed immediately.

• FY performance expected to be in line with recently upgraded market expectations.

Financial highlights

• Adjusted operating profit rose 14.7% to £46.7m; adjusted EBITDA increased 11.7% to £69.8m and adjusted operating margin expanded 60bps to 16.0%.

• Adjusted basic EPS increased 35.7% to 48.30p; reported operating profit was £43.0m versus £40.2m and profit before tax was £33.4m versus £30.6m.

• Attributable profit was £25.8m versus £21.7m; basic EPS rose 21.7% to 42.53p.

• Operating cash flow was £64.1m versus £58.3m; net cash generated from operations was £70.9m versus £62.6m.

• Interim dividend per share remained 12.22p.

Outlook and guidance

• In the six weeks after period-end, total sales rose 10.0% and like-for-like sales increased 5.1%.

• Christmas bookings were up 11% YoY, with many pubs already fully booked for Christmas Day; Autumn Nations Series fixtures expected to support sales, particularly in South West London.

• Christmas remains a key trading period; confirmed gross bookings were up 11% YoY, ahead of the Rugby Nations Championship launch.

• Trading conditions remain under review amid macroeconomic uncertainty.