8th Jul 2014 08:00
LONDON (Alliance News) - Young & Co's Brewery PLC Tuesday said it has seen a strong start to trading in its new financial year, with sales in its managed houses up 8.3%.
In a statement ahead of its annual general meeting, the brewer and pub operator said that while UK consumer confidence is improving, it retains its slightly cautious outlook for the business. Nevertheless it said its expects the current year to be "another positive one for Young's".
"With the quality of our managed estate, a strengthened tenanted business, and our robust balance sheet, we have a very strong platform from which to continue to grow, both organically and through acquisition," said Chairman Nick Bryan in the AGM statement.
While managed house sales rose 8.3% in the first thirteen weeks of the year, and were up 7.3% on a like-for-like basis, sales in the same period a year earlier were up 11%.
Going forward, Young & Co's said its continues to seek acquisition opportunities, having recently bought the Fox & Anchor pub in London's Smithfield Market, and exchanged contracts on two more sites in partnership with Berkeley Homes.
Back in May, Young & Co's reported an increase in both its profit and revenues for the financial year ended March 31, as Londoners spent more on pub food and drink, although food sales continued to outperform drink sales.
Young & Co's shares were up 1.1% at 1,045.00 pence Tuesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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