It has been a tough year for the pub trade but investors in Young & Co were able to raise a glass yesterday after the former brewer said that it had made a “solid start” to the year.

Christopher Sandland, the chairman, told shareholders at the South London-based group’s annual meeting that trading was in line with expectations, with managed house sales during the 15 weeks to July 11 up 3.3 per cent and 0.1 per cent on a like-for-like basis without dropping prices.

Mr Sandland added that while the company was mindful of the broader economic outlook, it was encouraged by the resilience of its business. Moreover, he said that the group had the resources to take advantage of opportunities to buy additional pubs. The shares rose 3½p to 471p.

Jarvis, the rail maintenance group, capped a dismal year by reporting an annual loss before tax of £6.3 million, compared with a profit of £4.5 million the year before, after delays to Network Rail spending forced it to cut staff. However, shares rose 1.15p to 7.4p as investors breathed a sigh of relief that the results were not worse. They were also buoyed by the management’s belief that prospects beyond next year appear more promising.

Renold fell 1¼p to 23½p after the industrial chains maker said full-year pre-tax profits fell to £2.1 million from £6.2 million. The group’s shares had soared 25 per cent on Monday in the expectation of a rights issue that never came. Finncap said the stock represented a strong recovery candidate in the medium term.

Findel soared 11.7p to 53p amid speculation that the home shopping and education supplies group was edging closer to securing a refinancing. The company said in May that it was considering a fundraising.

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