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London-focused pub and brewing house Young's had cheer for investors today when it increased its interim dividend payment for the 13th year running.
Young's is one of the very few pub groups still paying a divi in what have been tough times for the industry. Arch-rival Fuller, Smith & Turner is another star performer.
Sales for the half year to the end of September nudged up 1.5% to £67.2 million, with profits getting a 22% lift to £11.4 million.
The interim dividend is up 2% to 6.24p.
Young's has 180 pubs within the M25, including 14 along the banks of the River Thames, which are often packed.
“They are a great draw, especially when we get a bit of sunshine,” said chief executive Stephen Goodyear.
Mark Brumby of broker Astaire said: “London is trading well and Young & Co has the right pubs selling the right things to the right people. Young's has confirmed that it is possible for some operators at least to perform well in the current environment.”
Goodyear is looking for acquisitions and can boast of a balance sheet strong enough to take the strain of doing deals.
