LONDON (ShareCast) - (Sharecast News) - Trading at Young & Co's Brewery has beaten management expectations, the pub chain said on Tuesday, as lockdown restrictions eased and customers returned.
Updating on trading at its annual general meeting, the group said total sales in the 13 weeks to 12 July were 95% of the same period in 2019, when its entire estate was open. In 2021, 144 pubs reopened for outdoor trading on 12 April, with the remainder re-opening on 17 May.

Youngs said: "Trading has benefited from significant pent-up demand as well as the major capex programme undertaken in our pubs, hotels and outdoor areas."

Following the lifting of all mandatory Covid-19 restrictions on Monday, Youngs added it was now operating "close to normal".

"We remain optimistic about the balance of the financial year, and believe our new and upgraded pubs and hotels, and the large number of bookings we have for weddings, parties and other events, puts us in a strong position to capitalise on another busy staycation summer," it said.

Numis said: "In a previous update for the first five weeks after 12 April, pubs had achieved 85% of normal trade. This suggest a strong pick-up in trading once indoor trading had resumed, albeit the different cohorts of pubs trading makes it difficult to interpret the data more closely.

"There is no comment on operational challenges currently being seen across the industry, especially staff shortages from isolate, although any impact here is likely to be short term in nature."

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