Boss of pub group Young’s says cost inflation is starting to ease as it delivers positive sales

The boss of pub group Young’s has said some of the cost inflation weighing on the sector, such as soaring food prices, are “starting to ease as it delivered positive sales.
By Greg Wright
Published 25th May 2023, 10:02 BST
Updated 25th May 2023, 14:02 BST

The business, which runs 227 pubs, said sales rose by almost a fifth over the year to April 3 and have remained buoyant in recent weeks.

Young’s told shareholders that managed like-for-like sales have risen by 4.8 per cent since the start of April as it saw a “well-timed Easter and bank holiday sunshine” offset the impact of a wetter start to spring.

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Nevertheless, it reported “minimal upside” from the additional bank holiday for the King’s coronation.

The boss of pub group Young’s has said some of the cost inflation weighing on the sector, such as soaring food prices, are “starting to ease” as it reported positive sales.The boss of pub group Young’s has said some of the cost inflation weighing on the sector, such as soaring food prices, are “starting to ease” as it reported positive sales.
The boss of pub group Young’s has said some of the cost inflation weighing on the sector, such as soaring food prices, are “starting to ease” as it reported positive sales.

Young’s said it continues to face “challenging times” as a result of high inflation and the resumption of train strikes.

However, it provided an upbeat tone for the rest of the financial year, highlighting the Rugby World Cup as an opportunity to boost sales.

Simon Dodd, chief executive of Young’s, said: “It’s been a good start to the new financial year with sunny weather over Easter and the early May bank holiday.

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“There is also huge excitement for the Rugby World Cup later this year.”

It came as the group revealed that revenues rose by 19.4 per cent to £368.9m for the year to April, although pre-tax profits dipped by 14 per cent to £36.2m, driven by property revaluations.

Mr Dodd added: “Our performance last year was even more impressive given the cost headwinds facing the industry, and we are encouraged that some of these pressures are starting to ease.”