Pub group Young's has announced a buoyant outlook, fuelled by major sporting events set to take place over the summer, following a notable increase in sales.

The London-based firm's chief revealed that the first England Euro 2024 match on Sunday sparked a significant uplift in sales and that the company has secured strong bookings for upcoming games.

However, despite the positive trading news, shares in Young's took a hit on Wednesday morning as it reported a fall in profits.

Running a portfolio of 288 pubs, Young's is one of several pub companies to report encouraging trade amidst the squeeze on consumer spending due to rising mortgage rates and rents.

Simon Dodds, Young's CEO, expressed optimism about the impact of the Euros football tournament and other sporting events in drawing customers to their venues.

"We have had a really positive start to the summer, even if the weather hasn't always been perfect," he commented to the PA news agency.

He added, "We have only had the one England match so far, but it was good weather and we were up 31 percent year-on-year as a result."

Dodds also highlighted, "We've got around £1 million worth pre-booked for the upcoming games and have lots more sport coming in the summer, with rugby and the Olympics."

On Wednesday, Young's disclosed a 5.4 percent rise in revenues to £388.8 million for the year ending in April.

While the company enjoyed an uptick in adjusted profits over the year, its statutory pre-tax profit plummeted by 42 percent to £20.7 million, largely impacted by costs associated with its £158 million acquisition of City Pub Group.

Young's has reported a significant 24.4 percent surge in revenue over the past nine weeks, following its March acquisition of the 55-strong City Pub Group.

Mr Dodds expressed his enthusiasm about the deal: "We were delighted to complete on our acquisition of The City Pub Group in March, a real milestone for Young's."

He also extended a warm welcome to the new team members: "We welcome the City team to the Young's family and respect the many initiatives that have brought them so much success."

Dodds further highlighted ongoing investments: "Our investment for future growth didn't stop with The City Pub Group acquisition, during the period we acquired eight great pubs, made further investments in our existing estate, and upgraded our technology to enhance the customer experience and realise productivity gains."