Young's cites warm weather as it hails solid Q1 performance

(Sharecast News) - Pub group Young's hailed a solid first-quarter performance on Wednesday as the strong trading momentum reported in its full-year results in June has continued. In an update ahead of its annual meeting, the company said revenue in the first 14 weeks of the financial year beginning 1 April rose 6.6% in total and 7.0% on a like-for-like basis versus last year.

Young's it benefitted from long periods of warm and sunny weather in spring and early summer, supporting growth particularly in its gardens and riverside pubs.

"These results are even more pleasing when measured against the prior year comparator, which benefitted from the significant positive impact of EURO24 Championship on performance in June and early July," the company said.

Young's expressed confidence about the year ahead "despite the well-publicised challenges" faced by the industry.

The group said it continues to invest in its estate, having already completed several schemes to take advantage of the summer trading period.

Chief executive Simon Dodd said: "We are delighted to be reporting excellent trading over the first quarter of the new financial year, particularly against such a strong comparator.

"Young's pubs are thriving, and our strategy of employing the very best teams, and maintaining a premium, well-invested and differentiated estate, continues to deliver industry leading results. Our business is performing well, and we are confident about the year ahead."