Youngs reports trading ahead of expectations

At today’s Annual General Meeting, Stephen Goodyear, Chairman of Young & Co.’s Brewery, will make the following comments about current trading:

“We are pleased to report that trading has continued to be ahead of the board’s expectations following publication of our full year results on 20 May 2021.

'On 12 April, we opened 144 pubs for trading in outdoor spaces only, and on 17 May, the remainder of our estate resumed trading when we were allowed to open indoors as well, albeit still with some restrictions. For the 13-week period from 12 April to 12 July, total sales were 95% of the same period in 2019 (when we were fully open throughout).

'Our trading has benefited from significant pent-up demand, as well as from the major capex programme undertaken in our pubs, hotels and outdoor areas and the delivery of some truly transformational projects. We are starting to see the benefit from our recent major developments, the majority of which were carried out and completed while we were closed during lockdown.'

Goodyear will continue, '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.

'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.'

Goodyear will close, 'We will continue to focus on our strategy of running premium, differentiated and well-invested pubs and hotels. The strength of our balance sheet leaves us well-placed to make further investments and generate good returns for the long term.”