Young’s sees summer of sport boost business: We’re in “brilliant shape” says outgoing chairman
Young’s has announced a rise in revenue of 26 per cent since the start of the new financial year on the back of a boost from the UK’s summer of sport.
The Euros and Wimbledon have dominated pubs’ TV screens and sent countless customers to bars and beer gardens to make the most of the games.
Revenue in the last five weeks has risen by 33.8 per cent in total and 10.6 per cent on a like-for-like basis, outgoing chairman Stephen Goodyear said.
“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,” Goodyear said.
Last month, Young’s reported a pre-tax profit of £29.4 for the 2023/2024 financial year, up by nine per cent year on year. Revenue rose five per cent to £388.8m.
It has stood out as one of the only hospitality winners in a tough time for the industry.
In fact, Young’s saw a “record year of investment” last year, with acquisitions including City Pub Group and the steak restaurant Guinea Grill in Mayfair.
The integration of City Pub Group is progressing “as planned” and the company will provide further updates at its interim results in November, Goodyear said.
The AGM today will be Goodyear’s last as chairman.
“It has been an absolute privilege being at Young’s for nearly 30 of my 50 years in the pub industry,” he said. “The business is in brilliant shape, with an experienced and well-balanced board which reflects the unique heritage and character of the business.”
Goodyear will be replaced by Steve Cooke, who joined Young’s as a non-executive in November.
“On behalf of the Board, I’d like to thank Steve for his incredible service and contribution to Young’s. During his tenure, Young’s has transformed and cemented itself as a leader in our sector. We wish him all the best for his retirement,” Cooke said.