Young & Co's hails solid start to year

The company said managed house sales for the first thirteen weeks of the year were up 9.9% in total and 5.2% higher on a like-for-like basis.

"This performance is very pleasing given the very tough comparatives delivered this time last year when I was reporting to you that our managed house like-for-like sales were up 8.6%, aided by the hottest June in 40 years," said chairman Stephen Goodyear, adding that the group had once again benefited from a long period of very warm weather.

Young's also said it was seeing some benefit from the seven acquisitions it made last year and the three transfers from the Ram Pub Company to managed houses.

However, the company also noted that the macro-economic and political environment remains challenging, with continued uncertainty surrounding Britain's future trading relationship with Europe "unhelpful" for businesses.

Goodyear said: "In addition, our sector faced huge cost headwinds last year and while these pressures have continued into the current year, they have slightly moderated.

"Despite these challenges, we remain confident in our winning strategy of running differentiated well-invested, individual, premium pubs in excellent locations, which has a proven track record of outperforming the sector. We will continue to invest in our estate, our technology and our people and therefore, when combined with the hard work put in by our teams throughout Young's, we remain positive about the year ahead."

At 1230 BST, the shares were up 0.1% to 1,746p.