20th Jul 2021 10:14
(Alliance News) - Young & Co's Brewery PLC is counting on a second 'staycation summer' to help the UK pub chain to continue to trade strongly.
Young's said business has continued to be ahead of internal expectations since it annual results announcement back in May. For the 13-week period to July 12 from April 12, total sales were 95% of the same period in 2019, a pre-pandemic period when it was fully open throughout.
The figures come ahead of Young's annual general meeting on Tuesday, where it is set to address what England's 'freedom day' means for the Wandsworth, south London-based company.
"We were disappointed to have not been able to resume full trading on 21 June 2021, the originally scheduled 'freedom day', but are pleased we are now able to operate close to normal following yesterday's lifting of restrictions," Chair Stephen Goodyear said.
"We remain optimistic about the balance of the financial year to March 2022 and believe our new and upgraded pubs and hotels and the large number of bookings we have for weddings, parties and other events put us in a strong position to capitalise on another busy staycation summer."
On April 12, Young's opened 144 pubs for outdoor trading only, and then the remainder of its estate resumed business in May when indoor hospitality was allowed again.
Goodyear advised that the firm is benefiting from "significant pent-up demand" and major capital expenditure during lockdown. These factors are set to drive more profit during England's second 'staycation summer'.
Shares in Young's were up 1.9% at 1,558.50 pence in London on Tuesday.
By Josie O'Brien; [email protected]
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