12th Nov 2020 14:10
Young & Co's Brewery PLC - London-based pub operator - For the six months ended September 30, posts pretax loss of GBP21.8 million, a dramatic swing from a profit of GBP24.3 million the year prior. This is as revenue plunges 67% year-on-year to GBP55.1 million from GBP168.2 million as government restrictions and extended closures of pub venues amid the pandemic hurt its income and operations.
Turning to current trading, the company says trading since the end of September was encouraging, at 73% of levels of last year but notes the re-introduction of restrictions on November 5 presents more uncertainty.
"We remain positive at the prospect of trading in December. Unfortunately, the typical excitement of the festive period and the opportunities this usually brings us has been replaced with uncertainty. At this time, we would usually have 90% of bookings already in the diary; without the prospect of hosting large group get-togethers, corporate Christmas parties and spontaneous festive drinks, the outlook for this December is far from certain," says Chief Executive Patrick Dardis.
No dividend was declared, compared to 10.57 pence last year.
Current stock price: 650.00p
Year-to-date change: down 49%
By Ife Taiwo; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Young & Co's Brewery