Pub group Young & Co's Brewery has reported a sales boost from the summer sporting calendar, including the Fifa World Cup and Wimbledon Championships, despite ongoing industry pressures. The company, which operates pubs and hotel rooms in London and the south-east of England, also credited sunny weather for filling its pub gardens.
Sales growth driven by events and weather
Sales over the 14 weeks from March 31 were 9.4% higher than the same period last year. On a like-for-like basis, which excludes new venues, growth was 5.5%. Young's said its financial performance was lifted by "exceptional" trading over the late May bank holiday weekend, particularly at pubs with gardens or riverside locations.
The start of the Fifa World Cup provided an additional uplift, with extended opening hours for later England matches. Some venues remained open late into the night on Sunday for supporters. The Wimbledon Championships also helped attract visitors in recent weeks, as the chain operates several venues in the area.
CEO comments on outlook
Simon Dodd, Young's chief executive, said: "Our pubs are performing strongly in the first quarter of the new financial year. This was supported by favourable weather, a busy summer of sport, with England's success in the World Cup so far, a welcome boost and contributions from our expanded estate, as we integrate the Cubitt House pubs."
Young's recently acquired eight gastropubs and pubs with rooms from Cubitt House London Pubs. Dodd added: "While the backdrop remains challenging, we are well-positioned and looking ahead to the rest of the year with confidence."
Industry cost pressures
Many hospitality firms have highlighted cost pressures from the higher national minimum wage, increased national insurance contributions, other regulatory costs, and recent energy price rises. The boss of rival pub chain Fuller's recently blamed "government interference, additional taxes and regulations" for increased costs, warning of consequences such as pub closures and reduced job opportunities.
