Business
AGM Update
AGM Update.
About this update from Young & Co.'s Brewery, P.l.c. Class A
[{"type":"text","content":"\n\n25 July 2024\nYOUNG & CO.'S BREWERY, P.L.C. (\"Young's\")\nAGM Update\nYoung's, the premium operator of pubs and bedrooms, will host its Annual General Meeting at 11.30am today. At the meeting, Stephen Goodyear, Chairman, will make the following comments about the business:\n\"I am pleased to report that strong trading momentum has continued into our new financial year, with revenue in the five weeks since our year end preliminary announcement, up 33.8% in total and up 10.6% on a like-for-like basis. For the first sixteen weeks of the new financial year revenue was up 26.0% in total and 3.4% on a like-for-like basis.\nThis positive performance demonstrates that our proven strategy of operating premium, individual, and well-invested pubs and bedrooms consistently delivers industry leading results. On behalf of the Board, I would like to thank all our teams for their hard work in achieving this.\nMaintaining a premium position is central to this success, and last year we reported a record year of investment. We completed the landmark acquisition of City Pub Group, the largest in our 193-year history. The integration of City Pub Group is progressing as planned and we expect to provide further detail at the time of our interims in November.\nWe also acquired eight premium freehold pubs last year, welcoming The Crooked Billet (Clapton), Ship Inn (Noss Mayo) and Tattenham Corner (Epsom Downs), to name a few. We made some significant investments across our existing estate, several of which were transformational. This included at the world-famous Guinea Grill (Mayfair) which we doubled in size and was recently named one of the top 100 steak restaurants in the world. These investments underpin even greater confidence in our future.\nWe are enjoying a great summer of sport. Customers flocked to our pubs to watch England make us proud, only narrowly missing out at the final of the Euros, and Wimbledon which although wet, saw a number of our pubs breaking records. Our pubs are looking forward to welcoming customers for the Olympics, followed by the autumn Rugby internationals in November. I have no doubt the business will make further progress this year, as it continues to invest in the estate and realise the benefits of the acquisition of City Pub Group, supporting long-term shareholder returns.\nAs previously announced, today is m...