Young's sales up in first 13 weeks of new financial year

London-based pub company Young & Co has seen a 4.1% increase in like-for-like sales in the first 13 weeks of its new financial year.

Updating investors ahead of the company's Annual General Meeting today, chairman Nick Bryan reported that managed house revenues were up 6.5% in total and that the like-for-like growth came despite strong comparatives from a year ago.

Meanwhile chief executive Stephen Goodyear steps down today after 13 years in the role, and will take up a place on the board as a non-executive director. He is succeeded by retail director Patrick Dardis.

And commenting on the result of the EU referendum, Bryan said: "Clearly, the result… has created considerable political and economic uncertainty and it would be unwise for us to speculate at this early stage on the longer-term effects on the consumer. We remain focused on our proven strategy and are well positioned to deliver an excellent customer experience as well as superior returns for our shareholders."

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