Young’s eyes Euro 2024 boost as summer sales grow
But shares in the London-based pub firm dipped on Wednesday morning as the company revealed lower profits.
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Pub group Young’s has said it expects to be boosted by sports events over the summer after another jump in sales.
The boss of the London-based company said it saw a surge in sales during the first England Euro 2024 match on Sunday and has seen strong bookings for future fixtures.
Nevertheless, shares in the company dipped on Wednesday morning as it revealed lower profits.
We have had a really positive start to the summer, even if the weather hasn’t always been perfect
Young’s, which runs 288 pubs, is among pub firms to highlight “positive” trading despite continued pressure on consumer budgets amid higher mortgage rates and rents.
Simon Dodds, chief executive of Young’s, said the Euros football tournaments was one of a number of things encouraging more punters into its pubs.
“We have had a really positive start to the summer, even if the weather hasn’t always been perfect,” he told the PA news agency.
“We have only had the one England match so far, but it was good weather and we were up 31% year-on-year as a result.
“We’ve got around £1 million worth pre-booked for the upcoming games and have lots more sport coming in the summer, with rugby and the Olympics.”
Young’s reported on Wednesday that revenues grew by 5.4% to £388.8 million for the year to April.
The firm saw higher adjusted profits for the year but saw its statutory pre-tax profit slip by 42% to £20.7 million, largely due to transaction costs linked to its £158 million takeover of City Pub Group.
Young’s completed its acquisition of the 55-strong pub group in March, and said this helped drive a 24.4% jump in revenues over the nine weeks since the start of the new financial year.
Mr Dodds added: “We were delighted to complete on our acquisition of The City Pub Group in March, a real milestone for Young’s.
“We welcome the City team to the Young’s family and respect the many initiatives that have brought them so much success.
“Our investment for future growth didn’t stop with The City Pub Group acquisition, during the period we acquired eight great pubs, made further investments in our existing estate, and upgraded our technology to enhance the customer experience and realise productivity gains.”