Young & Co update fails to calm investors

Shares  in AIM-listed pub operator Young & Co’s (LON:YNGA) have dropped by 6.25% to 900p (as of 15:30 GMT) after it said it was too early to quantify the potential impact of COVID-19 on annual earnings. Management said they were continuing to trade out of their premises with social distancing rules in place but expected to close some or all of the portfolio at some point.

CEO Patrick Dardis commented: “These are challenging and uncertain times and we must all come together to do the right thing during the peak period of Covid-19. We have a resilient business underpinned by great people who we will support through this crisis. However, let’s be in no doubt that with pub closures imminent, albeit hopefully for only a short period, all businesses in our sector will be severely impacted. We must remember, as painful as this will be, that it will be temporary, and we look forward to welcoming all our customers back to our great pubs once we are through this. We remain confident in our strategy for the business“.