Glass is half full for pubs group Young
Pubs group Young & Co said food promotions and the fact that many of its boozers are in prosperous London meant it weathered the economic gloom better than some of its rivals.
Robust: Young & Co is weathering the storm thanks to prosperous London drinkers
Full-year sales grew from £122m to £126m but were flat on an underlying basis while profits dropped from £12m to £4m.
Much of the fall was due to the group having to write down the value of some of its 219 pubs due to falling property prices.
This accounted for an £11m hit to its finances.
The shares fell 3½p to 470p despite a rise in the final dividend to 6½p from 4.84p, a year previously.
Food sales now comprise more than a quarter of sales with its 2 Dine With Wine For £20 offer driving sales.
Chief executive Stephen Goodyear said: 'We have a cash-generative business, a well-invested estate, great pubs in great locations, a robust balance sheet and a very strong brand.'
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