Young’s Brewery chair Stephen Goodyear said the firm had made a bumper start to the new financial year today but warned that a looming cost of living crunch could temper sales growth in the months to come.
At the firm’s annual general meeting today, Stephen Goodyear, Chairman of Young’s, is set to tell shareholders that revenues jumped 39.7 per cent in the first thirteen weeks of the new financial year on the past quarter, up 39.7 per cent in total and up 34.9 per cent on a like-for-like basis against last year.
Goodyear said the firm was now set to feel the lift of nine acquisitions last year and more recent purchases of the Bedford Arms (Chenies Village) and Merlins Cave (Chalfont St. Giles).
“We will also see the full year benefit from our major investments last year into our existing estate,” he will tell shareholders today.
“These include the Grand Junction Arms (Harlesden) completed in January, the Spread Eagle (Wandsworth), reopened in March with an additional 21 bedrooms and the Phoenix (Victoria), reopened in late May of this year.”
But the brewer and pub operator warned of a potential slowdown this year as soaring inflation begins to take a chunk out of consumers’ spending power and dampen sentiment.
“The Board feels that Young’s is well placed to manage the impact of the current inflationary environment on our cost base, but are very mindful of the potential impact that the inflationary environment could have on consumer sentiment and ultimately spending in our pubs,” Goodyear added.
Young’s AGM today also marks the departure of chief executive Patrick Dardis, who will be succeeded by chief operating officer Simon Dodd.