Young's Posts Strong Growth Thanks To Weather, Acquisitions
UK-based Young & Co.’s Brewery PLC has announced strong growth figures for the start of its new financial year, thanks to the warm weather and recent acquisitions.
In a statement ahead of the group's annual general meeting, chairman Stephen Goodyear said, "Trading in the current year has started well, with managed house sales for the first 13 weeks up 8.8% in total, and up 5.2% on a like-for-like basis."
Explaining the good performance, Goodyear cited the exceptional weather, saying, "We are, once more, benefitting from a long period of very warm weather."
Other brewers, such as cider-maker C&C Group, have also experienced good results due to the recent sunny weather and the World Cup.
He also mentioned the positive impact of recent acquisitions, with seven completed in the last year. There were also three transfers made from the Ram Pub Company, Young's tenanted operation, to managed houses.
Goodyear also highlighted the difficulties created by the current "macro-economic and political environment" in Britain and the "unhelpful" uncertainty around the UK's trading relationship with the EU in the future, made worse by the departure of two key ministers from Prime Minister Theresa May's cabinet since the start of the week.
He also mentioned the effect of "huge cost headwinds" experienced by the sector last year, which have abated, but are still present in the current year.
Goodyear commented, "Despite these challenges, we remain confident in our winning strategy."
"We will continue to invest in our estate, our technology and our people, and therefore, when combined with the hard work put in by our teams throughout Young’s, we remain positive about the year ahead," he added.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Matthieu Chassain. Click subscribe to sign up to ESM: European Supermarket Magazine.