Young’s Q1 revenues increase 39.7%
Young’s said it is well placed to manage the impact of the current inflationary environment, but is mindful of the potential impact on consumer sentiment and spending in its pubs
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Young & Co.’s Brewery (Young’s) has announced that in the first thirteen weeks of 2022 (Q1), revenues increased by 39.7% in total and by 34.9% on a like-for-like basis against last year, building on the “strong” trading momentum achieved in the final quarter of 2021.
Young’s said that this year it will benefit from its investment in the nine acquisitions made last year and the more recent acquisitions of the Bedford Arms (Chenies Village) and Merlins Cave (Chalfont St. Giles).
It added that it will also see the full year benefit from Young’s major investments last year into its existing estate. These include the Grand Junction Arms (Harlesden) completed in January, the Spread Eagle (Wandsworth) which reopened in March with an additional 21 bedrooms, and the Phoenix (Victoria) which reopened in late May of this year.
As previously announced, Patrick Dardis steps down today as CEO after six years in the role. He is followed as chief executive by Simon Dodd, currently chief operating officer, who was recruited three years ago with succession planning in mind.
Dardis will remain on the board for an orderly transition to Dodd, until he retires at the end of September, and he will remain available to the company until the end of March 2023.
The board said that Young’s is well placed to manage the impact of the current inflationary environment on its cost base, but is mindful of the potential impact that the inflationary environment could have on consumer sentiment and spending in its pubs.
Stephen Goodyear, chairman of Young’s, said: “I have thoroughly enjoyed working with Patrick over the last 20 years. He has worked very effectively and with great energy and passion for the business. On behalf of the Board, I would like to thank him for his huge contribution and his many successful achievements during his time at Young’s.
“We will continue to invest in the future growth of the business, sticking to our strategy of running premium, differentiated and well-invested pubs and hotels. The strength of our balance sheet leaves us well-placed to make further investments and generate good returns for the long term.”
