7th Jul 2015 07:36
LONDON (Alliance News) - Young & Co's Brewery PLC Tuesday said that trading in the current year has started well with sales up in each of its managed house, accommodation, food and drink divisions.
The pub operator said that managed house sales in the first 13 weeks of its financial year grew 8.3%, or 5.6% on a like-for-like basis on the same period the prior year. Like-for-like revenue grew 11.9% in accommodation, 7.8% in food and 4.2% in drinks.
Young's said that the year so far has benefited from the eight acquisitions it made last year, and that it has opened a further two pubs in London since the start of the current year. Three more pubs are currently under development and due to open in the late summer or autumn.
"These projects, along with other large investments made in our existing estate last year, will provide a helpful tailwind as we compete against the strong comparatives," Chairman Nick Bryan said in a statement, adding that he also expects the business to benefit from the Rugby World Cup in the autumn with many of its pubs within easy reach of Twickenham Stadium in west London.
"Consumer confidence continues to grow as the economic recovery gathers momentum. We must retain a degree of caution as macro-economic risks remain, but we are confident that, through our long-standing strategy, the talent, commitment and passion of my colleagues, and our robust balance sheet, we will continue to deliver superior returns to our shareholders," Bryan said.
Young's is holding its annual general meeting later Tuesday.
Shares in Young's were untraded at 1,216.00 pence early Tuesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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