Sales up at Young’s despite ‘tough start’ to 2019
Young’s chief executive Patrick Dardis said it could be tricky to match last year’s success given these factors but was optimistic about continuing growth.
The main driver of the group’s performance was its managed house division, which saw like-for-like sales increase by 5.1% in the 52 week period ending 1 April 2019.
He said there had been a “tough start to the year” but the acquisition of more than a dozen new sites added potential for future growth.
Testament to teams
Profit before tax increased by 5.1% to £39.5m, a boost Dardis said was “a testament to the quality of our incredible people who bring our premium positioned pubs to life”.
An expanding portfolio and investment in technology contributed to the good results, he added.
Dardis said: “We have continued to invest in our existing estate as well as upgrading our technology and are excited to realise this potential.
“The addition of the 15 Redcomb pubs complements the existing Young’s managed house estate and presents tremendous opportunities for future growth.”
Young’s bought the multi-site operator for £34m at the beginning of this year, as part of a total of £67.1m invested in acquisitions and refurbishments in the financial year.
Strong comparatives
The company said its riverside and roof terrace sites put its pubs in a good position to take advantage of the warm weather and performance of the England football team last summer.
Dardis said: “It has been a tough start to the year against very strong comparatives with the only good weather coming during the Easter bank holiday this year.
“Looking ahead, the amazing weather throughout the summer of 2018 and England’s World Cup success sets a high benchmark for the coming months.
“However, we remain confident that we will continue our strong growth story in the coming year.”
Its total accommodation revenue saw an increase of 19.6%, with the acquisition of two hotels at the end of the previous financial year.
The Ram Pub Company also enjoyed an increase of revenues, with like-for-likes up by 5%.
