YOUNG & CO.S BREW.: Trading Statement
05 July 2022 - 4:00PM
UK Regulatory
TIDMYNGA
5 July 2022
YOUNG & CO.'S BREWERY, P.L.C.
AGM Trading Statement
At today's Annual General Meeting, Stephen Goodyear, Chairman of
Young & Co.'s Brewery, P.L.C., will make the following comments
about current trading:
"I am pleased to report that the strong trading momentum
achieved in the final quarter of last year has continued, with an
excellent start to the current financial year. In the first
thirteen weeks, revenue was up 39.7% in total and up 34.9% on a
like-for-like basis against last year.
This financial year we will benefit from our investment in the
nine acquisitions we made last year and the more recent
acquisitions of the Bedford Arms (Chenies Village) and Merlins Cave
(Chalfont St. Giles). We will also see the full year benefit from
our major investments last year into our existing estate. These
include the Grand Junction Arms (Harlesden) completed in January,
the Spread Eagle (Wandsworth), reopened in March with an additional
21 bedrooms and the Phoenix (Victoria), reopened in late May of
this year.
As previously announced, Patrick Dardis steps down today as
Chief Executive Officer after six years in the role. He is followed
as Chief Executive by Simon Dodd, currently Chief Operating
Officer, who was recruited three years ago with succession planning
in mind. Patrick will remain on the Board for an orderly transition
to Simon, until he retires at the end of September. He will remain
available to the Company until the end of March 2023. I have
thoroughly enjoyed working with Patrick over the last 20 years. He
has worked very effectively and with great energy and passion for
the business. On behalf of the Board, I would like to thank him for
his huge contribution and his many successful achievements during
his time at Young's.
The Board feels that Young's is well placed to manage the impact
of the current inflationary environment on our cost base, but are
very mindful of the potential impact that the inflationary
environment could have on consumer sentiment and ultimately
spending in our pubs.
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 hotels. The strength of our balance sheet
leaves us well-placed to make further investments and generate good
returns for the long term."
- Ends -
For further information, please contact:
Young & Co.'s Brewery, P.L.C. 020 8875 7000
Patrick Dardis, Chief Executive
Simon Dodd, Chief Operating Officer
Mike Owen, Chief Financial Officer
MHP Communications 020 3128 8742 / 8147
Tim Rowntree/Robert Collett-Creedy
View source version on businesswire.com:
https://www.businesswire.com/news/home/20220704005304/en/
CONTACT:
Young & Co's Brewery PLC
SOURCE: Young & Co's Brew.
Copyright Business Wire 2022
(END) Dow Jones Newswires
July 05, 2022 02:00 ET (06:00 GMT)
Young & Co's Brewery (LSE:YNGA)
Historical Stock Chart
From Apr 2024 to May 2024
Young & Co's Brewery (LSE:YNGA)
Historical Stock Chart
From May 2023 to May 2024