City Pub Group PLC (The) AGM Trading Update (2210D)
28 Junio 2021 - 1:00AM
UK Regulatory
TIDMCPC
RNS Number : 2210D
City Pub Group PLC (The)
28 June 2021
City Pub Group PLC
("City Pub Group" or "the Group")
AGM Trading Update
The City Pub Group, the owner and operator of 48 premium pubs
across Southern England and Wales and a further 4 development sites
are pleased to announce that trading since the reopening of pubs on
12 April has been encouraging at 90% of 2019 levels for the 42 pubs
that have reopened to date.
We are already benefitting from the hard work carried out over
the past year with our cost base significantly reduced and
consequently the Group is trading profitably at today's volumes.
While our performance has been very pleasing, the continuing social
distancing rules and absence of large bookings have limited trade.
This became apparent at the start of the European Football
Championships where many customers did not want to watch live sport
at pubs because of the social distancing restrictions. We look
forward to all restrictions being lifted on 19 July and we believe
that once restrictions are lifted, trade will build over the
remainder of the year to above 2019 levels, although it is
difficult to predict at this stage exactly when this might
happen.
Whilst uncertainty remains, progress will be made on a
step-by-step basis. The Group has a very strong balance sheet, with
over GBP16m of unutilised banking facilities, is cash generative,
and is starting to - on a selective basis - identify new
acquisitions. Our priority is to get the existing estate firing on
all cylinders, have all four development sites open by spring 2022
and to deliver the identified cost reductions.
The Group is also pleased to announce that is has purchased the
freehold of the Roundhouse in Wandsworth Common, where we only had
4 years left on the lease, for a total consideration of
GBP1.1m.
Clive Watson, Executive Chairman of City Pub Group said:
"We have been very encouraged by how we have traded since
reopening despite the continuing restrictions. We are cash
generative and trading profitably demonstrating the strength of our
business model.
I would like to thank personally all our staff and suppliers for
their ongoing commitment. We have put in place a strong platform
for growth, and we believe that when we are allowed to trade
restriction free we will build to levels higher than 2019."
28 June 2021
Enquiries:
City Pub Group
Clive Watson, Chairman
Tarquin Williams, CFO
Instinctif Partners
Matthew Smallwood
Jack Devoy +44 (0) 20 7457 2020
Liberum (Nomad & Broker)
Chris Clarke
Edward Thomas
Clayton Bush +44 (0) 20 3100 2000
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