Young & Co's Brewery PLC AGM Trading Statement (0716U)
July 10 2018 - 2:00AM
UK Regulatory
TIDMYNGA
RNS Number : 0716U
Young & Co's Brewery PLC
10 July 2018
10 July 2018
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:
"Trading in the current year has started well, with managed
house sales for the first thirteen weeks up 8.8% in total and up
5.2% on a like-for-like basis. This performance is very pleasing
given the very tough comparatives delivered this time last year
when I was reporting to you that our managed house like-for-like
sales were up 8.6%, aided by the hottest June in 40 years. We are,
once more, benefiting from a long period of very warm weather.
We are already seeing some benefit from the seven acquisitions
we made last year, and the three transfers from the Ram Pub
Company, our tenanted operation, to managed houses. Both the Park
(Teddington) with 43 bedrooms and the Bridge (Chertsey) with 51
rooms that we acquired at the end of March, increasing our hotel
presence, will undergo redevelopment during the coming year. We
expect to see the benefit of these two acquisitions later in 2019.
We will also shortly be opening the Naturalist (Woodberry Down) and
we are poised to start fitting out a further site in Kidbrooke
Village.
The macro-economic and political environment remains challenging
and the continued uncertainty surrounding Britain's future trading
relationship with Europe is unhelpful for businesses. In addition,
our sector faced huge cost headwinds last year and while these
pressures have continued into the current year, they have slightly
moderated.
Despite these challenges, we remain confident in our winning
strategy of running differentiated well-invested, individual,
premium pubs in excellent locations, which has a proven track
record of outperforming the sector. We will continue to invest in
our estate, our technology and our people and therefore, when
combined with the hard work put in by our teams throughout Young's,
we remain positive about the year ahead."
- Ends -
For further information, please contact:
Young & Co.'s Brewery, P.L.C. 020 8875 7000
Patrick Dardis, Chief Executive
Steven Robinson, Chief Financial Officer
MHP Communications 020 3128 8100
James White/Alistair de Kare-Silver/Robert Collett-Creedy
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END
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