Youngs enjoys 'summer of celebration'

Pub company Young & Co's Brewery hiked its dividend after a first half during which it successfully capitalised on the Olympics and Paralympics.

The firm also said that it had seen positive trading since the period end, with managed house revenue up 9.4% in total and 6% on a like-for-like basis.

In the first half pre-tax profits were up 11.2% to 13.85m on revenues that were up 10.7% to £100.1m.

The firm is to raise its interim dividend for the 16th consecutive year to 7.02p per share, an increase of 5.1%.

Managed house revenue increased 12.9% to £93.79m, with like-for-like sales up 5.7%.

The company noted better occupancy and room rates drove RevPAR (revenue per available room) up 2.6% to £54.14.

Chief Executive Stephen Goodyear, said the results reflected some benefit from "the extraordinary events we have seen in London this summer".

However, he added that they had been achieved despite the first quarter seeing some of the wettest weather on record.

"This set of results reflects our success in making the most of the opportunities presented by the summer of celebration and our ability to generate superior returns from our high quality estate," Goodyear said.

"Our premium strategy, alongside our location in London and the south of England, has enabled us to deliver impressive like-for-like sales growth."