Young’s reports 9.0% rise in revenues

Young’s and Co Brewery has reported a 9.0% increase in managed revenues and 7.2% increase in like-for-like sales for the five-week Christmas and New Year period ending 1 January 2024.

Additionally, its total managed revenue rose 6.9% and 4.7% on a like-for-like basis for the 13 weeks ended 1 January 2024, reflecting the continued investment in its “premium” estate and offering.

Young’s boards announced on 16 November, 2023, that they had agreed on the terms of a proposed offer, under which Young’s would purchase all of the issued and to be issued share capital of City Pub Group.

As separately announced, on 17 January 2024, City Pub Group shareholders voted “strongly” in favour of the transaction, which is now expected to complete on 4 March 2024.

Simon Dodd, CEO of Young’s, said: “We are pleased to report strong trading over Christmas, with our strategy of maintaining a premium, well-invested and differentiated estate continuing to resonate with our customers and communities. It was a fantastic performance by our teams across the business and we recorded several of our best ever trading weeks, with some of the highest daily sales in Young’s history.

“We look forward to welcoming our new teams from City Pub Group to the Young’s family and working closely with them over the coming months as we integrate and invest in the combined business. Whilst continuing to be mindful of the ongoing headwinds facing consumers and the wider macroeconomic outlook, the business is performing in line with expectations, and we continue to be confident about the year ahead.”