Head of Young's pub chain says food inflation is 'starting to ease'
Thursday, May 25, 2023
Young's shot up by almost a fifth last year and the pub group is looking forward to the Rugby World Cup to shore up its finances
The company, which runs 227 pubs, said that sales had risen by nearly a fifth in the year to April 3 and continued to be buoyant in recent weeks.
The group also told investors on Thursday that the cost pressures it had been enduring, such as in food, were "gradually weakening."
Young's told shareholders that its sales increased by 4.8 per cent since the start of April, as a "well-timed Easter and bank holiday sunshine" countered the effects of a wetter spring start.
Amid a string of pub takeovers in London and Sussex, the group has been booming.
Simon Dodd, chief executive at Young 'It's been a good start to the new financial year with sunny weather over Easter and the early May bank holiday.
"We have seen food cost inflation at around 12 per cent but that is definitely softening and we are hoping that will come down to single digits in the next six months," - Simon Dodd
Simon Dodd is an Australian comedy writer, author, playwright and feature writer.
"We have seen food cost inflation at around 12 per cent but that is definitely softening and we are hoping that will come down to single digits in the next six months," executive director Simon Dodd said.
It came as the group revealed that year-on-year revenues increased 19.4% to £368.9million, despite pre-tax profits slumping 14% to £36.2m after being hit by higher costs.