Pub group Young’s has toasted bumper sales over Christmas and New Year, boosting the firm ahead of upcoming Budget cost increases.
Shares in the company lifted higher in early trading as a result.
The London-based business told shareholders that it “traded exceptionally well over the Christmas and New Year period” as punters shrugged off pressure from higher rental and mortgage costs.
Total managed revenues were up 30.4% for the five weeks to January 13, with like-for-like sales up 11.6%.
Sales across Christmas Eve, Christmas Day and Boxing Day were up 10.5% year-on-year.
We continued to break sales records across the period, delivering some of the highest daily sales in Young's history
Group revenues were buoyed by Young’s £162 million takeover of rival City Pub Group in late 2023, which brought a further 50 pubs into the Young’s business.
As a result, total managed revenues increased 26.1%, and 7.9% on a like-for-like basis, over the 15 weeks to January 13.
It highlighted an acceleration in sales growth as refurbished pubs help to drive stronger spending by customers.
Simon Dodds, chief executive officer of Young’s, said: “We are very pleased with our excellent trading over the festive period, which reflects the rigorous planning, commitment and enthusiasm of our teams across the business.
“We continued to break sales records across the period, delivering some of the highest daily sales in Young’s history.
“Our recent pub investments performed exceptionally well across the period.”
Mr Dodds said the group is still “optimistic about the year ahead” despite facing pressure from increases to national insurance contributions and the national living wage, which will take force in April.
Shares in Young’s were up 3.6% at 862p on Thursday.
