Young & Co's Brewery Regulatory News (YNGA)

25 July 2024

YOUNG & CO.'S BREWERY, P.L.C. ("Young's")

AGM Update

Young's, the premium operator of pubs and bedrooms, will host its Annual General Meeting at 11.30am today. At the meeting, Stephen Goodyear, Chairman, will make the following comments about the business:

"I am pleased to report that strong trading momentum has continued into our new financial year, with revenue in the five weeks since our year end preliminary announcement, up 33.8% in total and up 10.6% on a like-for-like basis. For the first sixteen weeks of the new financial year revenue was up 26.0% in total and 3.4% on a like-for-like basis.

This positive performance demonstrates that our proven strategy of operating premium, individual, and well-invested pubs and bedrooms consistently delivers industry leading results. On behalf of the Board, I would like to thank all our teams for their hard work in achieving this.

Maintaining a premium position is central to this success, and last year we reported a record year of investment. We completed the landmark acquisition of City Pub Group, the largest in our 193-year history. The integration of City Pub Group is progressing as planned and we expect to provide further detail at the time of our interims in November.

We also acquired eight premium freehold pubs last year, welcoming The Crooked Billet (Clapton), Ship Inn (Noss Mayo) and Tattenham Corner (Epsom Downs), to name a few. We made some significant investments across our existing estate, several of which were transformational. This included at the world-famous Guinea Grill (Mayfair) which we doubled in size and was recently named one of the top 100 steak restaurants in the world. These investments underpin even greater confidence in our future.

We are enjoying a great summer of sport. 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. I have no doubt the business will make further progress this year, as it continues to invest in the estate and realise the benefits of the acquisition of City Pub Group, supporting long-term shareholder returns.

As previously announced, today is my last AGM as Chairman. It has been an absolute privilege being at Young's for nearly 30 of my 50 years in the pub industry. The business is in brilliant shape, with an experienced and well-balanced Board which reflects the unique heritage and character of the business. Last year, we were delighted that Steve Cooke agreed to take over from me as Chairman. He has been on the Board of Young's as a Non-Executive Director since November and takes the reins on conclusion of today's meeting. Having recently retired from law firm, Slaughter and May after 41 years, the last eight as senior partner, he brings a wealth of city experience to Young's and I know he will be a great asset to the business. I wish him great success in the role."

Steve Cooke, Chairman Designate, added:

"It is an honour to take over as Chairman of Young's, a business I have long admired. Since I joined the Board in November, I have seen firsthand that Young's is a fantastic business with a compelling strategy and a team throughout the Group who deliver excellent results.

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."

For further information, please contact:

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Simon Dodd, Chief Executive Officer