Young's ‘in good shape' but warns on falling spend
London-based pub operator and brewer Young's has claimed to be in "very good shape", despite fears of a drop in consumer expenditure in the short term.
The company saw revenue lift 1.1% to £127.5m for 2010, according to its preliminary results to 29 March this year, while adjusted pre-tax profit was also up 1.4% to £19.4m.
Meanwhile, revenue at its managed houses, which account for 120 of its 219 pubs, stood at £112.9m for the year, with same-outlet like-for-like sales unchanged on the previous year. Young's has spent £8.2m on its managed houses thoughout the year.
Stephen Goodyear, chief executive of Young's, commented: "Young's has recorded a strong performance in a year that has seen the pub industry face a number of challenges.
"This performance has been underpinned by the quality of our estate, the strength of the Young's brand, the much-valued loyalty of our customers and the considerable commitment of our people throughout the business.
"We have continued to invest in our managed and tenanted pubs as well as our hotel offering and are well positioned to expand our estate when value-enhancing opportunities become available.
"Overall, Young's is in very good shape. Despite the risk of more restrained consumer expenditure in the near term, we have been encouraged by the positive trading performance since the year end and we are cautiously optimistic about the outlook for the current year as a whole."
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By Neil Gerrard
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