London and South England pub group YOUNG & CO 'A' (AIM:YNGA) said sales had remained buoyed over the summer and throughout the financial year thanks to a sports-filled summer and new investments.
Sales for the first sixteen weeks of the financial year lifted by 26%, 3.4% on a like-for-like basis, a trading statement ahead of the group’s annual general meeting revealed.
In the last five weeks since its preliminary year-end, Young’s saw revenues rise by close to 34%, or 10.6% on a like-for-like basis.
Management said the impressive performance was partly due to a strong summer of sport including the Euros and, despite a fair amount of wet weather, Wimbledon.
Chairman Stephen Goodyear said: “This positive performance demonstrates that our proven strategy of operating premium, individual, and well-invested pubs and bedrooms consistently delivers industry-leading results.
“Customers flocked to our pubs to watch England make us proud, only narrowly missing out at the final of the Euros, and Wimbledon which although wet, saw a number of our pubs breaking records.”
Looking forward, the group is confident it can make further progress, citing events such as the Olympics and the Rugby internationals in November as key catalysts.
Young’s also noted the purchase of City Pub Group, the largest acquisition in its nearly 200-year history, as an important factor in driving long-term shareholder returns.
So far, the acquisition has gone as planned and Young’s is expected to provide a deeper dive into the business in its interim results.
Goodyear also confirmed he would be stepping down at the AGM and is set to be replaced by non-executive director and City veteran Steve Cooke.