Young's provides winter warmer

London-focused pub group and brewer Young & Co's Brewery has been encouraged by performance in the first seven weeks of the second half of its financial year.The company said managed house revenue in the first seven weeks of the second half was up 0.9% year on year, compared to a 0.7% like for like fall in the first half. Managed houses account for 88.8% of total pub revenues.The company reported a 22% increase in profit before tax in the 26 weeks to 26 September to £11.46m from a restated £9.40m the year before. Excluding exceptional items, the improvement was less impressive, with current year interim pre-tax profit 3.7% higher at £12.34m than the £11.90m seen the year before.Revenue rose 1.5% to £67.24m from £66.28m a year earlier. Liquor revenue in the managed estate was unchanged year on year while food revenue dipped 0.6% on a like for like basis. The company said it has resisted the temptation to chase sales through heavy discounting, in order to establish the premium reputation of its pub offerings.Managed house combined liquor and food gross margins were ahead of last year's level, while the tenanted estate saw like for like volume and revenue growth.On the brewery side, the brewing partnership with Charles Wells saw revenue rise 1% and a £1.8m contribution to Young's adjusted profit before tax; Young's owns 40% of the Wells & Young joint venture.'Trading conditions will undoubtedly remain challenging for the remainder of the financial year,' said chief executive Stephen Goodyear, adding that the company remains 'well placed to build on a positive first half result.'The interim dividend has been increased for the thirteenth consecutive year, rising 2% to 6.24p from last year's 6.12p. Young & Co's Brewery