Young's reports continued strong trading

(Sharecast News) - Young's said on Wednesday that strong trading momentum had continued through the summer, with like-for-like sales rising 5.6% and total sales up 5.3% in the 24 weeks to 15 September, ahead of its Capital Markets Day on Thursday. The AIM-traded pub operator said the performance reflected robust demand for its "premium, individual and well invested pubs", aided by prolonged sunny weather that supported trade across its gardens, riverside locations and outdoor spaces.

It also credited several recent estate investment schemes completed ahead of the summer period.

Young's said it had continued to invest in schemes delivering growth and in the ongoing evolution of its premium estate, including the refurbishment of several former City Pub Company sites such as Daly's Wine Bar, Bow Street Tavern and the Old Firehouse, all of which were completed ahead of the autumn and festive trading periods.

The group said it expected to deliver in line with expectations for the half year and remained confident in full-year forecasts despite external pressures, including recent industrial action on the London Underground network.

"It is fantastic to be reporting another strong trading period for Young's," said chief executive Simon Dodd.

"This performance is all thanks to our brilliant teams who continue to delight our customers across our well invested pubs, against a backdrop of prolonged warm weather in the UK.

"We enter the autumn in a strong position and expect to maintain the momentum into the all-important Christmas trading period, giving us confidence in the remainder of the year."

At 0920 BST, shares in Young & Co.'s Brewery were up 3.6% at 817.43p.

Reporting by Josh White for Sharecast.com.