Q3 Trading Update

STRONG CHRISTMAS TRADING

Young's, the premium operator of pubs and bedrooms in London and the South of England, announces a trading update for Q3 FY24.

Trading

The positive trading momentum reported at the time of Young's interim results in November 2023 continued over the Christmas period.

Total managed revenue for the five-week Christmas and New Year period ending 1 January 2024 was up 9.0% and like-for-like sales were up 7.2%, with significant demand across our local communities over the festive period. Total managed revenue rose 6.9% and 4.7% on a like-for-like basis for the 13 weeks ended 1 January 2024, reflecting the continued investment in our premium estate and offering.

Proposed acquisition of City Pub Group

On 16 November 2023, the boards of Young's and The City Pub Group plc ("City Pub Group") announced that they had reached agreement on the terms of a recommended offer pursuant to which Young's will acquire the entire issued and to be issued share capital of City Pub Group. As separately announced, on 17 January 2024, City Pub Group shareholders voted strongly in favour of the transaction, which is now expected to complete on 4 March 2024.

Simon Dodd, CEO of Young's, commented:

"We are pleased to report strong trading over Christmas, with our strategy of maintaining a premium, well-invested and differentiated estate continuing to resonate with our customers and communities. It was a fantastic performance by our teams across the business and we recorded several of our best ever trading weeks, with some of the highest daily sales in Young's history.

We look forward to welcoming our new teams from City Pub Group to the Young's family and working closely with them over the coming months as we integrate and invest in the combined business.

Whilst continuing to be mindful of the ongoing headwinds facing consumers and the wider macro-economic outlook, the business is performing in line with expectations, and we continue to be confident about the year ahead."