Young & Co's Brewery Plc - AGM Statement
Young & Co.’s Brewery, P.L.C.
AGM Trading Statement
Young & Co.’s Brewery, P.L.C. issues the following trading statement for the 13 weeks from 2 April 2019 to 2 July 2019 in advance of the Annual General Meeting taking place today at 11.30am in the Civic Suite in Wandsworth Town Hall, Wandsworth High Street, Wandsworth, London SW18 2PU.
“When we reported our results in May, we stated that it had been a tough start to the year, with the only good weather coming over the Easter bank holiday. That pattern of poor weather has continued with an inevitable effect on our performance. Although managed house sales for the first 13 weeks are up 4.4% in total, they are down 2.1% on a like-for-like basis. By comparison, at last year’s AGM, we reported a 5.2% increase in managed house like-for-like sales, having benefitted from a long period of very warm weather.
This year, we will benefit from the acquisitions made last year, principally the Redcomb group of pubs. These pubs complement our managed house estate in and around London and in the South-West and we remain excited about their future growth potential. We will also see the full year benefit of our major investments in the two hotels we added last year: The Park (Teddington) and The Bridge (Chertsey). We also opened The Depot (Kidbrooke Village) and transferred The New Inn (Ealing) from the Ram Pub Company into the managed house division, with the true benefit coming later in the year following a planned refurbishment.
These new investments, along with other investment made last year in our existing estate, will create momentum and provide a helpful tailwind for continued growth as we compete against last year’s strong comparatives. We are, of course, also looking forward to the Rugby World Cup 2019 this autumn and the warm-up fixtures over the summer, two of which are at Twickenham. Despite the early morning kick-off times for the tournament, we expect it to be good for trade.
We are very confident about the enduring quality of our business and will continue to invest in the existing estate, in technology and in our people. We remain positive about the year ahead and will update shareholders further at the half year.”