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Pandemic restrictions push Young & Co into loss for H1
StockMarketWire.com
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Pub company Young & Co recorded an adjusted loss before tax of £19.2 million in the six months to 28 September after the UK's national lockdown and other Covid-19 restrictions hit operations.
The company reported revenue for the period of £55.1 million, down from £168.2 million for the same period in 2019.
Its net debt position improved to £203.8 million on 28 September, compared to £227.2 million a year earlier.
Chief executive Patrick Dardis said the company had benefited from government support programmes such as 'Eat Out to Help Out' and the furlough scheme.
Despite the introduction of curfew restrictions and London's Tier 2 status, since the end of September trading for Young & Co's managed house division had been 'encouraging', the company said, at 73% of last year until all pubs closed on 5 November.
Dardis added: 'Whilst we were hoping that a further lockdown could have been avoided, the second lockdown with the financial support available from the government will be considerably less damaging to our business than the potential move to Tier 3 in the areas that we operate. We remain positive at the prospect of trading in December.'
At 10:01am: (LON:YNGA) Young Cos Brewery PLC share price was -29p at 1011p
Story provided by StockMarketWire.com
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