Young & Co sees 'strong trading momentum' carry over into Q1
Pub chain company Young & Co's Brewery said on Tuesday that the "strong trading momentum" achieved in the final quarter of its previous trading year had carried over into the new one, with "an excellent start" to the current financial year.
Young's said revenue was up 39.7% in total over the first thirteen weeks and up 34.9% year-on-year on a like-for-like basis.
The London-listed group also stated that it will benefit from the nine acquisitions it made last year, as well as the more recent acquisitions of the Bedford Arms in Chenies Village and Merlins Cave in Chalfont St Giles.
"The board feels that Young's is well placed to manage the impact of the current inflationary environment on our cost base, but are very mindful of the potential impact that the inflationary environment could have on consumer sentiment and ultimately spending in our pubs," said chairman Stephen Goodyear.
"We will continue to invest in the future growth of the business, sticking to our strategy of running premium, differentiated and well-invested pubs and hotels. The strength of our balance sheet leaves us well-placed to make further investments and generate good returns for the long term."
Separately, Young's highlighted that chief executive Patrick Dardis would step down following today's annual general meeting after six years in the role. He will be succeeded by Simon Dodd, currently the group's chief operating officer, who was recruited three years ago with succession planning in mind. Dardis will remain on the board in order to ensure an orderly transition to Dodd.
As of 0820 BST, Young's shares were up 0.89% at 1,130.0p.
Reporting by Iain Gilbert at Sharecast.com