On-going investment in its properties has enabled pub giant Young’s to achieve “a strong performance” in what are challenging times for the sector.
Those were the words of Young’s chief executive Patrick Dardis, speaking after the publication of the group’s interim 26 week financial results to 2 October.
The company’s total turnover was up 6% to £144.1m, while like-for-like sales rose by 4.6%. Pre-tax profit was flat at £22.1m.
The period saw an investment of £14.3m into the redevelopment of many of the group’s pubs, as well as the addition of the Bull in Bracknell, Berkshire, and the Chequers in Hanham Mills, Bristol.
Dardis said: “We are very pleased with our excellent performance during the period, which once again underlines the strength and effectiveness of a consistent, premium strategy and customer-focussed approach.
“The pub is still the go-to place in Britain for drinking and eating out and, while much has been written about the challenges facing the pub industry, we believe that providing customers with well-invested pubs, a quality offer and outstanding customer service is key to our success.”
Dardis added that the second half of the year had got off to a good start with the acquisition of Smiths of Smithfield and its sister venue in Cannon Street, London.
“Both sites are a fantastic fit with our portfolio of premium managed sites, with their focus on world class steaks, breakfasts, craft beer and quality drinks and we are very excited about the potential for us to build upon their existing offer going forward.”
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