Young's toasts strong first-quarter sales

6th Jul 2023 07:23

(Sharecast News) - Young & Co's Brewery said on Thursday that it was "optimistic" for the rest of the year, as it toasted a jump in first-quarter sales.

The pub and hotel chain, which focuses on London and the south of England, said sales rose 8.3% in the first 13 weeks of 2023 financial year, to June end, or by 6.8% on a like-for-like basis.

The AIM-listed firm attributed the uptick to ongoing investment in its pub and hotel estate, which it said was "central" to its strategy. It further benefited from a number of acquisitions made last year, including the Griffin Inn in East Sussex.

Looking to the rest of the year, Young's chair Stephen Goodyear said the Rugby World Cup in the autumn and warm up fixtures over the summer made the group "optimistic".

He continued: "We will continue to invest in the future growth of the business, sticking to our strategy of running premium, differentiated and well-invested pubs and rooms. The strength of our balance sheet leaves us well-placed to make further investments and continue to generate good returns for shareholders over the long term."

Goodyear will step down at next year's annual general meeting. He is being replaced by Steve Cooke, the former senior partner of City law firm Slaughter & May, who joins as a non-executive director on 1 November ahead of becoming chair in July 2024.