StockMarketWire.com - Pub group Young & Co.'s Brewery said trading continue to be ahead of its expectations since it announced annual results in May.

Trading had benefited from significant pent-up demand, as well as investments in pubs hotels and outdoor areas, chairman Stephen Goodyear said in AGM speech notes.

'We are starting to see the benefit from our recent major developments, the majority of which were carried out and completed while we were closed during lockdown,' Goodyear said.

Young & Co.'s Brewery opened 144 pubs for trading in outdoor spaces only on 12 April and resumed trading from the remainder of its estate on 17 May, albeit still with some restrictions.

Sales for the 13 weeks from 12 April to 12 July, total sales were 95% of the same period in 201.

'We were disappointed to have not been able to resume full trading on 21 June, the originally scheduled 'freedom day', but are pleased we are now able to operate close to normal following yesterday's lifting of restrictions,' Goodyear said.

So-called freedom day was moved by the government to 19 July.

'We remain optimistic about the balance of the financial year to March 2022 and believe our new and upgraded pubs and hotels and the large number of bookings we have for weddings, parties and other events put us in a strong position to capitalise on another busy staycation summer,' he added.


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