Young's puts in a strong performance
Rising food sales, a strong emphasis on premiumisation and investment across the estate have helped London pub company Young's to a strong set of results this morning.
The figures, beating the expectations of analysts, show revenue up 6.6 per cent over the 52 weeks to March 29, following the addition of nine pubs to the estate.
Highlights included:
• total managed house sales up 8.1 per cent
• like-for-like managed sales up 4.7 per cent
• food sales up 16 per cent.
But the company admitted that last year's difficult summer, the consumer slowdown and the smoking ban had hit sales in its 103-strong tenanted and leased division, where like-for-like sales declined two per cent, despite total revenue rising one per cent.
Chief executive Stephen Goodyear told ThePublican.com the figures for the tenanted and leased estate were better than most - and said he was satisfied the company was doing as much as it could to support them.
"There's no doubt that these are a strong set of results," he said. "With the investment over time we have created a good set of pubs and attracted a lot of customers. Food is up 16 per cent and the all-round offer is exciting.
"The smoking ban is now behind us - and the money we invested in outside areas is paying off, with our gardens full during the recent hot weather."
Goodyear added that trading in the first eight weeks of the new financial year had been resilient, with managed house sales up 3.4 per cent and 1.6 per cent on a same outlet like-for-like basis.
