Young's lifted by summer sunshine as pub group's sales surpass Euro 2024
The Wandsworth-based company, whose pubs are focused on London and southeast England, revealed turnover increased by 6.6 per cent in the 14 weeks ending 8 July, and by 7 per cent on a like-for-like basis.
It said 'long periods' of warm and sunny weather during the spring and summer had provided a boost, especially for its gardens and riverside pubs.
Young's added that the performance was 'even more pleasing' as the comparative period last year coincided with the European football championships, when the UK pub sector enjoyed a much-needed uplift in trade.
In its very strong annual results released last month, the firm credited the Euros and bumper Christmas trading for its like-for-like sales growing by 5.7 per cent.
Total revenue jumped by around a quarter to £485.8million thanks to the £162million takeover of City Pub Group in March last year.
This helped adjusted pre-tax profits at Young's rise by 4.5 per cent to £51.6million, although statutory profits fell by £2.6million to £18.1million, largely due to restructuring costs related to the City Pub Group acquisition.
Simon Dodd, chief executive of Young's, said: 'We are delighted to be reporting excellent trading over the first quarter of the new financial year, particularly against such a strong comparator.
'Young's pubs are thriving, and our strategy of employing the very best teams, and maintaining a premium, well-invested and differentiated estate, continues to deliver industry-leading results.
'Our business is performing well, and we are confident about the year ahead.'
Despite the company's optimistic outlook, Britain's pub sector is experiencing a very challenging period owing to cost-of-living pressures and measures announced in last Autumn's budget.
In early April, employers' National Insurance contributions went up from 13.8 per cent on annual wages above £9,100 to 15 per cent on salaries exceeding £5,000.
In addition, the National Living Wage increased by 6.7 per cent to £12.21 per hour and business rates relief was cut from 75 per cent to 40 per cent, up to a cap of £110,000 per firm.
Many hospitality companies and trade bodies have warned that Chancellor Rachel Reeves' policies risk greater job losses and venue closures.
More than 400 pubs closed for good across England and Wales in 2024, according to figures from property consultancy firm Altus Group.
Analysts at Peel Hunt said: 'Young's is utilising its own staffing agency (the Ram Agency) and cost savings to limit price increases, while maintaining opening hours and service levels.
'We believe this strategy supports volumes and helps grow market share as others cut back. We expect further synergies— especially in food, wine, and operations—from the City Pub Group acquisition.'
Young's shares were 0.4 per cent down at 951p on Wednesday afternoon, but have still risen by approximately 9 per cent this year.
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