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Young’s swings to pre-tax loss of £19m

Young’s, the pub chain and brewery, has reported a pre-tax loss of £19.2m in its interim results for the 26 weeks ending 28 September.

The results come after the company reported pre-tax profits of £26.6m during the same period last year.

While total revenue for the ten weeks since opening on 20 July was “encouragingly” 84% of last year’s total, overall revenue for the period dropped from £168.2m to £55.1m.

As a result of “one of the toughest periods” that the firm has faced in its 189 history it announced that it will not be paying an interim dividend.

Patrick Dardis, CEO at Young’s, said: “Our business recently celebrated 189 years and the last six months has been one of the toughest periods in that incredible journey.

“Whilst we were hoping that a further lockdown could have been avoided, the second lockdown with the financial support available from the Government will be considerably less damaging to our business than the potential move to tier three in the areas that we operate. We remain positive at the prospect of trading in December.” 

The interim results have come alongside news of a directorial change at the company.

Patricia Corzine will step down as non-executive director in January 2021, being replaced by fellow non-executive director Ian McHoul.

Stephen Goodyear, chairman of Young’s, said: “On behalf of the board, I would like to thank Trish for the insight and guidance she has provided over many years, including as a member of the board’s audit and remuneration committees. We wish her well for the future.” 

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