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(Sharecast News) - Pub group Young's said on Wednesday that full-year trading was set to be ahead of market expectations after a strong first half.
In an update for the 26 weeks to 28 September, the company said momentum has continued into the first half following a record-breaking performance last year. Total revenue rose 10.4%, with like-for-like sales up 6.4%. LFL sales in the last 13 weeks were up 7.9%, delivering growth against a strong prior-year comparator.
Young's said the first half benefited "significantly" from a standout summer of sunshine and sport.
"Strong trading over the May bank holidays continued as customers flocked to our pubs to enjoy the exceptionally warm weather," it said. This was particularly evident in pubs with gardens or riverside locations, where LFL sales ticked up 7.5%. Young's also noted that the good weather coincided with an "exciting" summer of sport, including the FIFA World Cup, with extended opening hours for England's matches providing an added uplift to sales.
Chief executive Simon Dodd said: "Boosted by excellent trading across the summer months, supported by the record weather and exciting sporting events, Young's has delivered another period of outstanding performance. Our relentless focus on quality meant that when the sun shone and the matches were aired, customers chose Young's for our premium offer and the fantastic atmosphere created by our brilliant teams.
"Cubitt House's exceptional collection of pubs are now fully embedded into the Young's family, and we continue to deliver against our strategic priorities.
"Despite the well-publicised headwinds that face our sector, our premium estate continues to outperform, and we now look forward to delivering a full-year performance that exceeds previous expectations."
At 1050 BST, the shares were up 8.5% at 924.32p.
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