Trading in line at Young's despite headwinds

(Sharecast News) - Young & Co's Brewery said it had seen strong trading throughout the year on Thursday despite "considerable" challenges facing the pub sector. The 195-year-old firm, which operates pubs and bedrooms across London and the south east, said total managed house revenues rose 4.6% in the 52 weeks to 30 March, with like-for-like sales 4.7% stronger.

"As such, trading for the full year is expected to be in line with management's expectations," it confirmed, despite the "considerable and well publicised challenges facing the sector".

The hospitality sector is facing a number of headwinds, including higher labour costs following a rise in the minimum wage and employer National Insurance contributions, business rates and stiff competition. Energy bills are also set to spike for both consumers and businesses following the outbreak of war in the Middle East.

However, chief executive Simon Dodd said: "Our proven strategy of operating premium, well-invested pubs continues to deliver strong resilient results. Another year of strong performance demonstrates that, even amid ongoing pressure and uncertainty, customers continue to choose Young's pubs."

Shares in Young's were largely unchanged at 797.04p as at 0900 BST. The company is due to transfer from AIM to the main market at the end of this month.

Young's is due to publish full-year earnings on 21 May.

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