Pub group Young's toasts bumper sales year despite rising costs and poor weather
Pub group Young's has reported rising annual sales despite a year of 'prolonged economic uncertainty' and volatile weather.
The company said like-for-like sales rose 5.7% in the year to March 31, defying what it said were 'widespread challenges' for the sector.
Pubs and retailers were still struggling with higher-than-usual inflation for some of last year, while more recently they were hit by rising employment costs from policies in the October Budget.
Young's has previously said a rise in national insurance contributions (Nics) would cost it about £11 million extra per year, starting in April.
But it also enjoyed a bump in sales from the Euros football tournament over the summer, and a boost from its £162 million takeover of rival City Pub Group in late 2023, which brought a further 50 pubs into the Young's business.
And it previously toasted bumper trade over Christmas and new year, with sales across the festive period up 10.5% year-on-year.
Chief executive Simon Dodd said: 'We achieved a huge amount during the past financial year, and I am extremely pleased with this performance.
'We delivered it against a challenging backdrop, which was characterised by unpredictable British weather and prolonged economic uncertainty driven by political turbulence through the year.
'Our performance demonstrates the strength and resilience of our premium estate, coupled with the work of our phenomenal teams.
'Together, these factors have enabled our business to continue to thrive and we remain confident in our ability to deliver profitable growth.'
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