Young’s is pouring revenue back into the business in the first quarter
(Picture: Young’s )Young’s Brewery has bounced back from pandemic lockdowns posting a revenue hike of 39.7% in the first quarter of the year its chairman Stephen Goodyear will tell shareholders at the company’s annual general meeting (AGM) today, but will warn the cost of living crunch could wet sales in the coming months.
He will also reveal in an updated trading statement that the Wandsworth-based brewer, which operates more than 200 pubs with several in the capital, has topped up year-on-year revenues during the quarter by 34.9%. The first quarter predictions include the 13 weeks following the company’s financial finals on 28 March.
The operator said that although it was well placed to manage the current “inflationary environment” it was concerned about the impact on consumer sentiment and “ultimately spending” in its pubs.
The company said that during this financial year it would benefit from its investment in the nine acquisitions that it had made last year, plus the more recent acquisitions of the Bedford Arms (Chenies Village) and Merlins Cave (Chalfont St. Giles).
It also said it would see the “full year benefit” from investments and refurbishments across its existing estate.
Young’s said: “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.”
Today, and as previously announced, Patrick Dardis will step down as CEO of Young’s after six years in the role, he will be replaced by Simon Dodd, currently COO at the company. He was recruited three years ago and is former managing director at rival brewer Fuller, Smith & Turner.
