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(Sharecast News) - Pub landlord Young & Co's said on Thursday that Trading trading was "very strong" over the Christmas and New Year period, with like-for-like sales for the three-weeks to 5 January increasing by 11.2%.
Young's stated that on "key days", including Christmas Eve, Christmas Day and Boxing Day, trading was "particularly good", with like-for-likes up 12.3%, and its former City Pub estate delivering 26% growth over Christmas and Boxing Day, reflecting the impact of its alignment with the wider group.
The AIM-listed firm stated total managed revenue for the 14 weeks ending 5 January was up 5.6% and, on a like-for-like basis up 5.7%, building on the positive momentum reported in its interim results statement. Year-to-date managed revenues were up 5.4% on a like-for-like basis.
Young's also announced its intention to move its listing from AIM to the London Stock Exchange's Main Market, noting that it had "grown considerably" both in size and performance in recent years.
Chief executive Simon Dodd said: "We are delighted with the outstanding trading performance in our pubs over the festive period. Once again, this demonstrates the ongoing appeal of our premium, well-invested offer and another amazing contribution from the talented and hard-working team at Young's. During the six weeks of the festive period, we recorded our highest ever sales in one day, setting multiple daily and weekly records across our estate"
"Young's remains well-positioned to withstand the well-publicised headwinds facing our sector. We continue to invest in and innovate across our premium estate. We are focused on controlling the controllable and continuing to give our customers a great reason to come to our pubs."
As of 0900 GMT, Young's shares were down 1.72% at 798p.
Reporting by Iain Gilbert at Sharecast.com
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