REG - Young & Co's Brew. - Q3 Trading Update

Young & Cos BreweryAnnouncement

18/01/2024 07:00

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RNS Number : 0754A  Young & Co's Brewery PLC  18 January 2024

 

YOUNG & CO.'S BREWERY, P.L.C. ("Young's")

 

Q3 FY24 TRADING UPDATE

 

STRONG CHRISTMAS TRADING

Young's, the premium operator of pubs and bedrooms in London and the South of
England, announces a trading update for Q3 FY24.

Trading

The positive trading momentum reported at the time of Young's interim results
in November 2023 continued over the Christmas period.

Total managed revenue for the five-week Christmas and New Year period ending 1
January 2024 was up 9.0% and like-for-like sales were up 7.2%, with
significant demand across our local communities over the festive period. 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 our premium
estate and offering.

Proposed acquisition of City Pub Group

On 16 November 2023, the boards of Young's and The City Pub Group plc ("City
Pub Group") announced that they had reached agreement on the terms of a
recommended offer pursuant to which Young's will acquire the entire 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, commented:

 

"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 macro-economic outlook, the business is performing in line with
expectations, and we continue to be confident about the year ahead."

 

For further information, please contact:

 

 Young & Co.'s Brewery, P.L.C.           020 8875 7000

 Simon Dodd, Chief Executive Officer

 Michael Owen, Chief Financial Officer

 MHP Group                               07736 464749

 Tim Rowntree/ Robert Collett-Creedy

 

 

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