(Bloomberg) -- Young & Co Brewery Plc’s revenue jumped by more than a third during the first quarter as it recovered from lockdowns last year, but the brewer said rising inflation could potentially hit consumer spending in pubs.
The company, which owns a range of pubs and hotels, said revenue rose nearly 40% in the first 13 weeks of this year, up sharply from last year when most of its establishments were closed during a national lockdown as the UK fought to contain the spread of Covid-19.
Young’s operates pubs nationwide and hotels located in countryside and coastal areas such as the Cotswolds and Devon in England. The company continues to invest in buying new venues and upgrading some of its existing properties.
Inflation remains a challenge for the group to navigate. The company said its strong balance sheet meant it was “well placed” to manage its own rising costs, but warned it was “very mindful” of how inflation was hurting its customers and said this could ultimately affect “spending in our pubs.”
Last year, Young & Co Chief Executive Officer Patrick Dardis said that the “price of a pint will definitely have to go up” in 2022 as the worst inflation in years pushed up the prices of wages, energy and fuel.
©2022 Bloomberg L.P.