Young & Co's Brewery confident as hot weather gives sales early boost
Young & Co’s Brewery PLC on Wednesday said it is confident looking ahead as it reported increased revenue at the start of the financial year.
At its annual general meeting, the London-based pub chain said revenue for the first 14 weeks of the financial year from the start of April were up 6.6% in total, and 7.0% on a like-for-like basis, against last year.
It said performance has been boosted by ‘long periods of warm and sunny weather’ during spring and early summer.
It noted that the results are ‘even more pleasing’ when measured against the prior year, which benefitted from the Euro 2024 football championship in June and early July.
The company said it is confident about the year ahead, despite ‘well-publicised challenges’ in the industry.
The firm has completed several schemes ‘to take advantage of the summer trading period,’ it noted.
‘We are delighted to be reporting excellent trading over the first quarter of the new financial year, particularly against such a strong comparator,’ said Chief Executive Officer Simon Dodd.
‘Young’s pubs are thriving, and our strategy of employing the very best teams, and maintaining a premium, well-invested and differentiated estate, continues to deliver industry leading results. Our business is performing well, and we are confident about the year ahead.’
Shares in Young & Co’s Brewery were up 1.2% at 966.00 pence in London at midday on Wednesday.
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