Announced at its AGM on Thursday 25 July, the group, which operates more than 230 sites across the South of England, added sales during this period were up 3.4%.
Revenue across the five weeks since the firm’s last preliminary announcement was up 33.8% in total and 10.6% on a like-for-like basis.
Young’s chairman Stephen Goodyear commented: “This positive performance demonstrates that our proven strategy of operating premium, individual, and well-invested pubs and bedrooms consistently delivers industry leading results.
“On behalf of the board, I would like to thank all our teams for their hard work in achieving this.”
Goodyear added the pubco reported a “record year of investment” last year, including the acquisition of City Pub Group, which marked the largest procurement in its 193-year history and had been “central” to its success.
Significant investments
In addition, the chairman said the integration of City Pub Group was “progressing as planned” and that the group expected to provide further details on this in November.
Young’s also acquired eight freehold pubs last year, including the Crooked Billet in Clapton, the Ship Inn in Noss Mayo and Tattenham Corner in Epsom Downs.
Goodyear continued: “We made some significant investments across our existing estate, several of which were transformational, including the world-famous Guinea Grill in Mayfair, which we doubled in size and was recently named one of the top 100 steak restaurants in the world.”
The chairman, who detailed this was his last AGM with Young’s in the role, added the investments underpinned “even greater confidence” in the pubco’s future.
In addition, Goodyear said Young’s had enjoyed a “great” summer of sport across its estate, with the Euros having boosted trade to “record breaking” levels in some pubs.
“I have no doubt the business will make further progress this year, as it continues to invest in the estate and realise the benefits of the acquisition of City Pub Group, supporting long-term shareholder returns.
Compelling strategy
“It has been an absolute privilege being at Young’s for nearly 30 of my 50 years in the pub industry.
“The business is in brilliant shape, with an experienced and well-balanced board which reflects the unique heritage and character of the business.”
Moving forward, Steve Cooke, who has been on the board for Young’s as a non-executive director since November, will replace Goodyear as chairman.
Cooke said: “It is an honour to take over as chairman of Young’s, a business I have long admired.
“Since I joined the Board in November, I have seen first-hand that Young’s is a fantastic business with a compelling strategy and a team throughout the group who deliver excellent results.
“On behalf of the board, I’d like to thank Steve for his incredible service and contribution to Young’s.”
