July 9, 2019 / 6:31 AM / 2 months ago

Young & Co's Brewery pins hopes on rugby to offset wet weather

(Reuters) - Young & Co’s Brewery (YNGa.L) said on Tuesday unseasonable wet weather had hit sales in the first 13 weeks of its fiscal year, but added that the Rugby World Cup this autumn and warm-up fixtures over the summer would bring punters to its pubs.

The pub operator, which said it remained positive for the remainder of the year, reported a 2.1% drop in managed house sales on a like-for-like basis in the 13 weeks to July 2.

“It had been a tough start to the year, with the only good weather coming over the Easter bank holiday. That pattern of poor weather has continued with an inevitable effect on our performance,” the company said.

Young & Co’s joins rival Greene King (GNK.L), which said last month a wet summer so far and poor sentiment had hurt its sales in the new financial year.

Young & Co’s said it will benefit from acquisitions, mainly the Redcomb group of pubs, made last year. It also expects to see a boost from major investments made in The Park in Teddington and The Bridge in Chertsey hotels.

The brewer, which had raked in sales from a warm summer last year, said managed house sales rose 4.4% in total.

Reporting by Tanishaa Nadkar and Noor Zainab Hussain in Bengaluru; Editing by Arun Koyyur and Rashmi Aich

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