Publican Young & Co’s (LON:YNGA) reported double-digit annual profit growth and said it was looking forward to an event-packed summer.
Shares in the group rose 15p, or 1.2%, to 1220p as it posted a 10.6% rise in adjusted pre-tax profit to £35.4mln in the 52 weeks to March 28.
The group’s managed estate, comprising 131 Young's pubs and 40 Geronimo pubs, led the way with an 8.7% rise in total revenue and a 6.4% increase in adjusted operating profit to £53.3mln.
Its tenanted business, the Ram Pub Company, boosted revenues by 1.6% and by 1% on a like-for-like basis, while the division’s operating profit lifted 4.7% to £4.5mln.
And there was more growth in its hotels business with accommodation sales up 11.6% at £10.4mln.
It believes the “living wage” will cost it an extra £2mln, although its head office restructuring and additional consolidation of suppliers had helped to make up for some of that.
Chief executive Stephen Goodyear, who is handing over to successor Patrick Dardis at the start of July, said trading this year had started well.
Managed house revenue in the first seven weeks of the new financial year was up 8.1% in total and up 5.3% on a like-for-like basis.
In the last 13 weeks - featuring both Easter, the university Boat Race and bad spring weather - managed house revenue rose 8% in total and 5.1% on a like-for-like basis.
Goodyear said: “Europe will be centre-stage next month. A good performance from the home nations in football's European Championships may boost demand, but we are too experienced to rely on this.
“Neither will we judge the outcome of the EU referendum, although it could deliver a strong night of trade on June 23.
"The Queen's 90th birthday, a remarkable milestone, should set London alight with celebrations in June."