Young & Co.'s Brewery, PLC (YNGA) has delivered a record first-half performance for the 26 weeks ended 28 September 2026, with total revenue rising 10.4% to £291.1 million and adjusted profit before tax climbing 19.3% to £37.1 million. The London-focused premium pub operator credited a strong summer of warm weather and the FIFA World Cup, alongside the completed integration of its nine-pub Cubitt House acquisition, for driving the outperformance. The board expects full-year performance to be in line with recently upgraded market expectations, supported by Christmas bookings running 11% ahead of the prior year.

Key Points

  • Young & Co.'s Brewery, PLC (YNGA) — premium London pub operator with riverside, garden and rooftop estate
  • Record half-year revenue of £291.1 million, up 10.4%; like-for-like sales up 6.4% against a strong prior-year comparator
  • Adjusted EPS rose 35.7% to 48.30p; interim dividend held at 12.22p per share, payable 4 December 2026
  • Investors may watch second-half trading closely, given continued cost pressures and an uncertain macroeconomic environment flagged by the board

FIFA World Cup and Record Summer Weather Drive Young's Like-for-Like Sales Growth of 6.4%

The announcement states that England match days during the FIFA World Cup delivered approximately £4.8 million in incremental sales, with total like-for-like sales across the five-week tournament rising by approximately £6.8 million. Non-England match days also saw a 5.3% like-for-like increase, demonstrating broad-based demand rather than reliance on England's progression alone. Pubs with gardens and riverside locations delivered like-for-like sales growth of 7.5% over the period. Drinks sales were up 11.7% in total and 7.9% on a like-for-like basis, with lager the strongest draught category, up 20% year-on-year. The Spritz cocktail menu grew in value by 29.6% year-on-year, and food sales rose 8.7% in total.

Cubitt House Nine-Pub Acquisition Fully Integrated After £29.1 Million Investment

Young's completed the acquisition of Cubitt House on 22 April 2026 for a total consideration, including the repayment of acquired debt, of £29.1 million. The collection comprises nine premium, food-led leasehold pubs with 16 boutique bedrooms located across Mayfair, Chelsea, Marylebone, Belgravia, and Notting Hill. Eight pubs are fully operational; The Duke of Connaught in Belgravia remains under development. The announcement confirms integration is now complete and that Cubitt House contributed immediately to group performance. Total investment across the half, including Cubitt House and £16.1 million deployed into the existing estate, amounted to £45.2 million. Five non-core pubs were also disposed of during the period, generating proceeds of £6.1 million.

FTSE 250 Inclusion and Dividend Policy Transition Follow Move to LSE Main Market

Young's transferred from AIM to the Official List of the London Stock Exchange's Main Market in April 2026 and was subsequently included in the FTSE 250 Index on 9 October 2026. Following this transition, the board has reviewed its dividend policy, intending to move over time towards a one-third interim and two-thirds final dividend split to align with standard Main Market practice. The interim dividend has been maintained at 12.22 pence per share — unchanged from the prior year — and is expected to be paid on 4 December 2026 to shareholders on the register at close of business on 20 November 2026. A new share buyback programme of up to £10 million commenced in July 2026.

Board Flags Employment Legislation and Consumer Sentiment as Key Second-Half Risks

Despite a strong opening to the second half — with total sales for the six weeks since the period end up 10.0% and like-for-like sales up 5.1% — the board explicitly cautioned that the macroeconomic environment and its potential impact on consumer sentiment remains unpredictable. The announcement also highlights evolving employment legislation as a concern for the hospitality sector, noting that the Young's RAM flexible-working agency now accounts for over 12% of the total workforce. Net debt pre-IFRS 16 stood at £225.9 million at the period end, with net debt to adjusted EBITDA at 2.0 times, unchanged year-on-year, which the board states supports continued investment and selective acquisitions.