Young & Co's Brewery Plc (YNGA.L), in its preliminary results for the 52 weeks ended April 1, reported a pre-tax profit of 22.3 million pounds for the year, compared with a loss of 7.4 million pounds last year. The company said that during the previous year, the group changed its policy on valuing property and equipment from the cost model to the revaluation model, resulting in profit this year. Movement on the revaluation of properties was 0.9 million pounds this year, compared with 29.1 million pounds last year.
Adjusted profit before tax increased to 24.1 million pounds from 21.3 million pounds reported last year. Adjusted operating profit was 28.9 million pounds this year, an increase from prior year's 26.1 million pounds.
Post taxation, profit for the period was 17.04 million pounds compared with a loss of 6.5 million pounds reported a year ago.
On a per share basis, earnings from continuing and discontinued operations were 35.20 pence per share, compared with a loss per share of 13.45 pence last year. Adjusted basic earnings per share were 37.77 pence this year compared with 33.41 pence per share previous year.
Revenues for the 52-week period increased by 8.2 percent to 193.7 million pounds from prior year's 178.9 million pounds.
Further, the Board also recommended a total dividend of 14.63 pence, which if approved, is expected to be paid on July 11 to shareholders of record on June 7.
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