5th Jul 2016 07:19
LONDON (Alliance News) - Young & Co's Brewery PLC on Tuesday said it has made a good start to the current financial year but warned on the "considerable" uncertainty created by the EU referendum result.
The pub company and brewer said managed house revenues in the first 13 weeks of its financial year to the end of March were up 6.5% year-on-year, and up 4.1% on a like-for-like basis. It said this was a good start, "without much help from the weather".
Young's said the full year will benefit from its recent acquisitions of the Woolpack in Bermondsey and the Blue Boar in Chipping Norton, the eight pubs which were opened last year, and the momentum created by investments in the existing estate.
"Clearly, the result of the EU referendum has created considerable political and economic uncertainty and it would be unwise for us to speculate at this early stage on the longer-term effects on the consumer. We remain focused on our proven strategy and are well positioned to deliver an excellent customer experience as well as superior returns for our shareholders," Chairman Nick Bryan said in a statement ahead of the company's annual general meeting on Tuesday.
Young's reiterated that Chief Executive Stephen Goodyear is stepping down from his role at the AGM. Goodyear will be replaced by Retail Director Patrick Dardis, but will remain as a non-executive director.
Shares in Young's were untraded at the open on Tuesday, last quoted at 1,219.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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