Young & Co (AIM:YNGA) said the changes to National Insurance and minimum wages in the Budget will cost it £11 million as it joined the list of hospitality businesses criticising the government’s action.
“The new Government's budget will result in significantly increased costs for our industry,” said Simon Dodd chief executive.
“We will work to see how we can mitigate these headwinds without passing on all the cost to our loyal customers. We would like to see certainty and delivery of real business rate reform which will benefit all hospitality businesses," he added.
Otherwise, Dodd said it has been a good six months for the pub group despite the rain with the integration of the City Pub purchase going well.
Revenues in the six months to end September 2024 rose by 27% to £250 million with underlying profits also up 23% at £59 million.
Pretax profits rose by 3% to £25.3 million with net debt up 130% to £255 million reflecting the City Pub deal.
The interim dividend rises by 6% to 11.53p.