Pub operator Young & Co’s revealed today that the strong momentum it saw in the final quarter of 2021 has continued into its current financial year.
In the first thirteen weeks, total revenue was up 39.7% on the year prior, with like-for-like revenue jumping 34.9%.
However, Young’s cautioned that mounting inflationary pressures could result in people spending less money in pubs as disposable income levels fall.
Young’s noted that its current year would see the benefits from last year’s nine pub acquisitions and two recent additions to the chain.
As previously announced, the group’s Chief Executive Patrick Dardis is leaving after six years in the role, to be replaced by Simon Dodd, who was recruited three years ago with succession planning in mind.
Dardis will remain on the board until he retires end-September and will remain available to the company until the end of March 2023.
In the company’s AGM statement, Chairman Stephen Goodyear said: “The board feels that Young’s is well placed to manage the impact of the current inflationary environment on our cost base, but are very mindful of the potential impact that the inflationary environment could have on consumer sentiment and ultimately spending in our pubs.”
