Young’s unveils dramatic sales as boss steps down

Young’s toast boosts sales as boss steps down but pub group still mindful of cost of living squeeze

  • Young’s said it had made a “great start” to trading in the current financial year
  • The group reported that revenue rose by 39.7% in the first thirteen weeks of the period
  • Boss Patrick Dardis resigns and the group, mindful of the mounting pressure

Young & Co’s has maintained “strong trading momentum” since its successful completion to 2021, with the pub group celebrating an “excellent start” to its current financial year.

The group told investors on Tuesday that revenue rose 39.7 percent in the first 13 weeks and 34.9 percent year-on-year.

However, Young warned of increased inflationary pressures and the risk of more people spending less money in pubs as disposable income levels fall.

Upbeat: Young’s said the new financial year is off to a “great start”.

Young’s also said its chief executive Patrick Dardis will step down after today’s annual general meeting after six years in the role.

He will be succeeded by Simon Dodd, currently the group’s chief operating officer, who was hired three years ago with succession planning in mind. Dardis will remain on the board of directors to ensure an orderly transition to Dodd.

In today’s trading update, the London-based company said it would benefit from the nine acquisitions it made last year, as well as the recent acquisitions of the Bedford Arms in Chenies Village and Merlins Cave in Chalfont St Giles.

Chairman Stephen Goodyear said: “The board believes that Young’s is well placed to manage the impact of the current inflationary environment on our costs, but we are very mindful of the potential impact of the inflationary environment on consumer sentiment and ultimately our pub spending.

“We will continue to invest in the future growth of the business, following our strategy of running premium, differentiated and well-invested pubs and hotels.

“The strength of our balance sheet allows us to make further investments and generate good returns over the long term.”

Young’s shares rose 2.59 percent or 29.00 pence to 1,149.00 pence in morning trade. Over the past year, the value of the group’s shares fell by almost 30%.

In its latest annual results, published in May, Young’s reported pre-tax profits of £41.8m. Its revenue is up 251 percent after being hit hard by lockdowns and temporary closures a year ago.


Young’s unveils dramatic sales as boss steps down

Source link Young’s unveils dramatic sales as boss steps down

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