Pubs and drink makers raise a toast to Freedom Day and a warm staycation summer
Pubs and drink makers toasted the lifting of Covid restrictions as they prepare for a warm staycation summer.
After months of crippling lockdown measures, the beleaguered hospitality sector is showing signs of bouncing back as rules are eased and hot weather drives punters outdoors.
Pub chain Young’s said its venues had fully reopened and were trading ahead of expectations, while drinks producers Fevertree and AG Barr hiked their sales and profit forecasts on the back of ‘pent-up demand’ that is set to be unleashed.
Cheers: Drinks producers Fevertree and AG Barr hiked their sales and profit forecasts on the back of ‘pent-up demand’ that is set to be unleashed
Fevertree said sales through pubs, nightclubs and other venues – known as ‘on-trade’ – were expected to further improve following the lifting of remaining social distancing rules on Monday.
The business has hiked its full-year revenue forecast from £282-292million to £295-304million.
Scottish soft drinks group AG Barr, which makes Irn-Bru, also said profits were set to beat earlier forecasts.
The company expects its 2021-22 profits to recover slightly above the £37.4million recorded in 2019-20, before the pandemic struck.