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Young & Co's Brewery PLC said Tuesday the strong momentum it saw in the final quarter of 2021 has continued into the current financial year.
In the first thirteen weeks of financial 2022, total revenue was up 40% on the year prior, with like-for-like revenue up 35%.
Chair Stephen Goodyear said: ‘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 and Merlins Cave.
‘We will also see the full year benefit from our major investments last year into our existing estate. These include the Grand Junction Arms completed in January, the Spread Eagle, reopened in March with an additional 21 bedrooms and the Phoenix, reopened in late May of this year.’
Young noted Chief Operating Officer Simon Dodd is starting as its new chief executive on Tuesday. The brewer said Dodd was hired three years ago with this succession planning in mind.
‘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,’ Goodyear added.
Shares in Young & Co's Brewery were 0.7% higher in London on Tuesday morning at 1,128.12 pence each.
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