TIDMCPC
RNS Number : 6858M
City Pub Group PLC (The)
23 September 2021
The City Pub Group PLC
(the "City Pub Group", the "Company" or the "Group")
INTERIM RESULTS FOR THE 26 WEEK PERIODED 27 JUNE 2021
The City Pub Group, the owner and operator of a predominantly
freehold estate of 50 pubs and development sites, located in some
of the finest cities and market towns in the UK, announces its
unaudited results for the 26 weeks ended 27 June 2021.
Trading since reopening
-- Trading on an upward trajectory with sales since the
reopening of indoor trading on 17 May at above 90% of 2019 levels,
with further improved trade in city centre sites since the
beginning of September as return to work gathers pace
-- 2 new sites acquired signalling confidence in expansion
-- Accommodation performed strongly over the summer benefitting from "staycations"
H1 at EBIDTA break-even (Pre-IFRS16), despite majority of period under COVID-19 restrictions
-- Revenue of GBP8.9 million (H1 2020: GBP12.1 million)
-- Adjusted EBITDA* of GBP(0.0) million (H1 2020: (GBP1.2)
million)
-- Adjusted profit / (loss) before tax** of GBP(2.0) million (H1
2020: GBP(3.5) million)
A better, stronger business
-- Continued focus on cost reduction is improving profitability
-- Identified cost reductions being realised and relentless focus on further efficiencies
o Supply chain streamlined
o Reduced menu complexity
o Central contracts re-negotiated
o Pre-booked business enables better labour scheduling
-- Extensive refurbishments undertaken at six properties,
further works to begin at the Phene, London, Bath Brew House, Bath
and Pontcanna Inn, Cardiff
-- Increased freehold mix
-- Experienced and ambitious management team and a more diverse Board
-- A strong balance sheet with ample liquidity of GBP18m
* Pre-IFRS16 Adjusted earnings before exceptional items, share
option charge, interest, taxation, depreciation and
amortisation.
** Pre-IFRS16 Adjusted profit / (loss) before tax is the profit
/ (loss) before tax, share option charge and exceptional items.
Clive Watson, Executive Chairman of The City Pub Group,
said:
"We have traded well since May and are emerging strongly with a
streamlined and more profitable business. We have continued to
implement a relentless focus on cost control and we are capturing
cost savings identified and negotiated over the last year.
We are emerging from the pandemic in a good shape, well prepared
for the challenges facing our industry.
We have maintained and enhanced a number of our pubs and
benefitted during staycation summer from our estate of more than
200 letting rooms.
With our good trading and strong balance sheet we have begun to
look to expand again recently making two significant acquisitions.
Our ambition is for the estate to be in excess of a 100 pubs.
We have the right team, a business that is in great shape, a
very high quality bespoke largely freehold estate and plenty of
opportunity to grow our business"
23 September 2021
The information contained within this Announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No.596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019. By the
publication of this Announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Enquiries:
City Pub Group Via Instinctif Partners
Clive Watson, Chairman
Tarquin Williams, CFO
Instinctif Partners +44 (0) 20 7457 2020
Matthew Smallwood
William Cammegh
Liberum (Nomad & Joint Broker) +44 (0) 20 3100 2000
Chris Clarke
Edward Thomas
Peel Hunt (Joint Broker) +44 (0)20 31288789
George Sellar
Andrew Clark
Will Bell
CHAIRMAN'S STATEMENT
Since my last statement in May 2021, the business has traded
well as it emerges strongly following the Covid-19 lockdowns. In
April we reopened 22 of our pubs which had large outside trading
areas and in May a further 16 sites were opened when we were able
to welcome customers inside. I believe the Company has dealt with
this extraordinary situation in a very professional fashion and the
business is in much better shape now than prior to the pandemic and
even since we last reported.
In recent months the management team has continued to focus on
cost reduction, improving systems, establishing a central marketing
structure, growing the City Club App, and ensuring the trading
estate is fit for business. Your directors continue to work on
maintaining and enhancing staff morale, helped by improving levels
of communication and supporting staff during the pandemic and
thereafter.
Trading is on an upward trend and since 17 May sales are above
90% of 2019 levels. Since the beginning of September, the return to
work has gathered pace and this has helped increase trade in our
city centre sites.
Trading Estate
The Group currently operates 46 trading sites and a further 4
development sites.
We have undertaken refurbishments at the following pubs/hotels
to maintain and further enhance the quality of the estate:
-- The Hoste, Burnham Market
-- Brighton Beach Club, Brighton
-- Georgian Townhouse, Norwich
-- Cock and Bottle, Notting Hill
-- Inn on the Beach, Hayling Island
-- Lighthouse, Battersea
Further works will be undertaken at the Phene, Chelsea, the Bath
Brew House, Bath and the Pontcanna Inn, Cardiff.
In all cases where we have refurbished/extended our pubs we have
seen a noticeable uplift in trade. The Hoste and the Georgian
Townhouse in Norfolk have seen significant uplifts in trade over
the summer. The Inn on the Beach and Brighton Beach Club have
increased their number of covers which has benefited trade and in
due course, we will carry out similar schemes at other suitable
pubs in our estate to further improve our outside trading areas to
trade longer throughout the year.
I am pleased to say that we have opened the Turks Head in Exeter
City centre, a Brew House benefiting from an outside terrace and 6
letting rooms. We will also be opening our site in Mumbles, Swansea
at the start of 2022, which has 16 letting rooms, a large ground
floor trading area and a first-floor terrace. Our site in Bath,
overlooking the City, has now been granted planning consents and we
anticipate this site being opened by Easter 2022.
Refurbishment work has commenced at the former Tivoli site in
Cambridge. It will trade over 3 floors with a large outside terrace
area for 80 customers. Opening is anticipated around Easter
2022.
The Group's bespoke estate of predominately freehold,
high-quality managed pubs is unique in the sector. Our pubs are
located in some of the finest cities and market towns in England
and Wales. City workers and students are starting to arrive back
which should give a further boost to trade. We now have over 200
letting rooms across the estate and our occupancy levels during the
course of summer were significantly higher than in 2019, partly
helped by "staycations" but also by better marketing which has
improved Revenue per available room. Accommodation revenue now
accounts for more than 10% of overall sales, thereby improving the
quality of the sales mix.
Return to Expansion
As separately announced today, I am pleased to report that we
have acquired the Cliftonville Hotel in Cromer, Norfolk. This
freehold asset has 30 sea facing bedrooms and 3 substantial trading
areas. The hotel is 100m from the beach and 200m from the town. The
Cliftonville Hotel was built in the late Victorian era and has a
history of royal connections dating back to the Edwardian era. It
is a Grade II listed building and an iconic site. The total
consideration was GBP1.7 million of which GBP1.6 million is payable
in cash and GBP100k in shares. The cash element will be funded from
the Group's existing resources.
We have also just acquired a former Café Rouge site in Bury St
Edmunds in the heart of this historic market town. The site
consists of a sizeable ground floor area and a large outside
trading area. We anticipate opening this site in the first quarter
of 2022. These acquisitions demonstrate our desire for trading from
historic building in great locations.
As previously announced, we acquired a 49% stake in Barts Pub
Ltd which owns the iconic KPH site based in Ladbroke Grove. We
operate the pub under management contract and have an option to buy
a freehold at a fixed price next year.
We also acquired the freehold of the Roundhouse, Wandsworth, for
GBP1.15 million which has previously operated on a leasehold basis
in June 2021.
Disposals
We completed disposal of the Punt Yard in Cambridge and Tell
Your Friends in Parsons Green is in the process of being exchanged.
We have also disposed of a freehold investment in the Island,
Kensal Rise, London, to the tenant who had the option to buy the
freehold, and we received GBP2.2 million in cash with an additional
amount of GBP300k payable over 4 years.
We are in negotiations on two further leaseholds to be returned
to the landlord and on other leases we are negotiating to reduce
the annual rental payment.
As a result, we are successfully reshaping the portfolio with
nearly 70% of estate being freehold, reduced rent liabilities and a
significant increase in number of letting rooms across the estate,
thereby increasing the overall quality.
Financial Highlights
Summary for the 26 weeks ended 27 June 2021:
-- Revenue down 27% to GBP8.9 million (2020: GBP12.1
million)
-- Adjusted EBITDA* of GBP(0.0) million (2020: GBP(1.2)
million)
-- Adjusted profit/(loss) before tax** of GBP(2.0) million
(2020: GBP(3.5) million)
-- Reported profit/(loss) of GBP(1.3) million (2020: GBP(3.5)
million)
Key Metrics
------------------------ ---------- --------- ---------- -------- ---------
Post IFRS Pre IFRS Post IFRS Pre IFRS
16 16 16 16
26 weeks 26 weeks 26 weeks 26 weeks
to to to to Change
Pre IFRS
27.06.21 27.06.21 28.06.20 28.06.20 16
GBPm GBPm GBPm GBPm %
------------------------ ---------- --------- ---------- -------- ---------
Revenue 8.9 8.9 12.1 12.1 -27%
Adjusted EBITDA 0.9 (0.0) (0.2) (1.2) N/A
Adjusted Profit/(loss)
before tax (2.2) (2.0) (3.6) (3.5) -41%
------------------------ ---------- --------- ---------- -------- ---------
* Pre-IFRS16 Adjusted earnings before exceptional items, share
option charge, interest, taxation, depreciation and
amortisation.
** Pre-IFRS16 Adjusted profit / (loss) before tax is the profit
/ (loss) before tax, share option charge and exceptional items
.
Bank Facilities
We have a revolving credit facility (RCF) of GBP35m with
Barclays of which we have drawn GBP25m. We also have an additional
GBP5m CLBLS facility which has not been drawn.
The Group is in a strong liquidity position with GBP15m of
unused facilities. We have over GBP11m of cash deposits, resulting
in a net debt position of approximately GBP14m.This gives us
sufficient liquidity to not only maintain stability of the Group,
but also to seek further acquisition opportunities as they present
themselves.
Barclays have waived the RCF's existing financial covenants
through to June 2022. They have been replaced with a Minimum
Liquidity Test (MLT) in the sum of GBP8m and a monthly minimum
EBITDA test. We have significant headroom on both of these
tests.
Retail and Operational Improvements
The Group continues to implement further improvements:
1. Supply chain has been streamlined to reduce complexity and improve operating margin.
2. Food menus continue to evolve and improve whilst at the same
time being simplified thereby reducing the labour cost of the
kitchen staff.
3. City Club App continues to develop and grow with 140k new
users and we are starting to collaborate with reward partners to
make the membership more attractive.
4. We continue the ongoing negotiations of key central contracts including liquor supply deals.
5. Much better management of utility costs to reduce carbon emissions and waste.
6. More focus on pre-booked business helped by improved marketing and bookings teams.
7. Better communication between the head office and the pubs so
decisions made can be swiftly executed.
These improvements have been essential to enhance the way we run
the business but at the same time pubs are still encouraged to be
innovative and run their own local events, their own social media,
and to have regional variations on the liquor and food menus. We
want to retain the entrepreneurial culture which can help us
improve the optimisations of the existing business and be well
placed to expand the number of pubs operated, thus drive the
overall performance.
Board Changes
John Roberts, Co-Founder of the business in 2011 and a
Non-Executive director since that time, has agreed to stand down as
a director of the Company in order to take on executive duties,
particularly in relation to the growing number of brew pubs within
the Group. The Turks Head recently opened in Exeter as a brew pub
and we believe we can expand the range of their activities. While
stepping off the board, John will remain a director of a trading
subsidiary. I would like to thank John for helping us develop the
business from the beginning as a start-up in 2011 through listing
on AIM in 2017 and its development since. The Board is pleased that
John will be continuing his involvement with the Group through his
new role and are confident that our brew pubs will continue to
expand under his experienced stewardship.
ESG
We recently established an ESG committee, chaired by Emma Fox.
We have launched a significant and thorough review to ensure that
we emerge as a more responsible business, primed to play a positive
role in the industry's recovery. We are now implementing procedures
across the pubs which will help reduce our carbon footprint and
waste, engage more with local communities so that they can utilise
our pubs, and promote diversity across the Group. We are taking our
responsibilities seriously and want to get it right as we do
understand that those that succeed in this area will have
competitive advantage.
Dividends
The Board has decided to utilise short-term positive cash flow
generated to either invest in new opportunities or reduce its bank
borrowings. However, when there is a return to normal trading
conditions and the cash position is even stronger, the Group will
consider a resumption of dividend payments. It is important to
stress it will not however resume dividends while it continues to
receive state aid such as business rates relief, VAT reductions and
grants or has access to its CLBLS, a condition of which is that
dividends are not paid.
COVID-19 / Industry Issues
There have been a number of well publicised issues which have
impacted the pub industry. We have not experienced any major supply
issues of goods. However, the lead time in doing pub refurbishments
has extended due to disruptions in supply of equipment, furniture
etc. and we are factoring this in when taking on new acquisitions
which require refurbishment.
There have been staff shortages as a result of many people
during COVID going back to the EU and not returning. There have
also been people who have left the industry. Also, a number of
staff, especially in July and August, have been asked not to go
into work as they've been identified as close contacts by Track and
Trace. Whilst this is very frustrating, we believe that the end of
the furlough scheme in September will increase the pool of labour
able to work in our industry and the returning students should also
help with staffing.
It would seem sensible for, and we call upon the Government to,
introduce a 2-3 year working visa to European nationals so that
people can come to the UK, work, study and return home extolling
the virtues of the British pub. This, we believe, will also
encourage much needed tourism, which is essential in helping our
sector to get back on its feet.
Outlook
The Group is emerging strongly from the pandemic with a better
and more efficient business. We are trading well and have improved
the quality of our estate in terms of its freehold mix and the
quality of the assets. We continue to make operational improvements
at Head Office and upgrade our pubs through well-costed and returns
enhancing refurbishments.
We have retained a core of very loyal employees across Head
Office and at site, with many of our key employees owning share
options to help drive performance and retention.
Trading is on an upward trend and since 17 May sales are above
90% of 2019 levels. Since the beginning of September, the return to
work has gathered pace and this has helped increase trade in our
city centre sites. A number of marketing activities are in place to
ensure that students frequent our pubs.
The increased emphasis on bedrooms has reaped significant reward
over the course of the summer, and whilst the staycation boom will
not last in perpetuity there has definitely been a reintroduction
on a broad scale to the traditional British seaside holiday, which
can only be beneficial to us and offers a great alternative to
carbon-conscious customers opting for a fly-free holiday. Our new
opening programme is very exciting and demonstrates that we are now
back on the expansion trajectory.
We remain ambitious. We seek to grow the number of pubs to more
than 100. We have brought together a very high quality and very
experienced Head Office team to achieve this. We have reduced costs
substantially to improve profitability and our reshaped trading
estate will deliver higher quality earnings.
Each and everyone involved with the Group has played their part
in helping us to emerge strongly and in optimal shape to take
advantage of the opportunities ahead. Our employees have been
brilliant and the Board would like to put on record its thanks. We
have a strong balance sheet, a new pipeline of acquisitions and a
great platform to trade the pubs from. Most importantly we have the
ambition to make sure the City Pub Group is a strong player in the
evolving pub market.
I look forward to updating you with further strong progress in
our January trading update.
Clive Watson
Executive Chairman
23 September 2021
Consolidated Statement of Comprehensive Income
For the 26 weeks ended 27 June 2021
Unaudited Unaudited Audited
26 weeks 26 weeks
ended ended 52 weeks ended
27 June 27 December
2021 28 June 2020 2020
Notes GBP'000 GBP'000 GBP'000
Revenue 8,872 12,142 25,815
Costs of sales (2,228) (3,029) (6,280)
---------- ------------- ---------------
Gross profit 6,644 9,113 19,535
Other operating income 2 4,921 2,931 5,391
Administrative expenses (12,623) (15,636) (31,423)
---------- ------------- ---------------
Operating loss (1,058) (3,592) (6,497)
Reconciliation to adjusted
EBITDA*
Operating loss (1,058) (3,592) (6,497)
7 &
Depreciation 8 2,645 2,775 5,494
Share option charge 304 103 397
Exceptional items 3 (954) 520 1,814
*Adjusted earnings/(loss)
before exceptional items,
share option charge, interest,
taxation and depreciation 937 (194) 1,208
---------------------------------
Finance costs (512) (653) (1,137)
---------- ------------- ---------------
Loss before tax (1,570) (4,245) (7,634)
Tax credit 4 242 760 1,171
Loss for the period and
total comprehensive income (1,328) (3,485) (6,463)
========== ============= ===============
Loss per share
Basic loss per share (p) 5 (1.28) (4.52) (7.15)
========== ============= ===============
Diluted earnings per share 5
(p) n/a n/a n/a
========== ============= ===============
All activities comprise continuing operations. There are no
recognised gains or losses other than those passing through the
statement of comprehensive income.
The accompanying notes are an integral part of these interim
financial statements.
Consolidated Statement of Financial Position
As at 27 June 2021
Unaudited Unaudited Audited
26 weeks
26 weeks ended ended 52 weeks ended
28 June 27 December
27 June 2021 2020 2020
Assets Notes GBP'000 GBP'000 GBP'000
Non-current
Intangible assets 3,282 4,136 3,282
Property, plant and equipment 7 108,770 110,709 108,573
Right-of-use assets 8 18,442 20,233 19,565
Deferred tax assets 745 - 503
Financial assets at fair
value 4,053 - 1,309
Total non-current assets 135,292 135,078 133,232
--------------- ---------- ---------------
Current
Inventories 909 740 703
Trade and other receivables 3,190 2,970 3,064
Cash and cash equivalents 9,775 11,666 12,331
Total current assets 13,874 15,376 16,098
--------------- ---------- ---------------
Total assets 149,166 150,454 149,330
--------------- ---------- ---------------
Liabilities
Current liabilities
Trade and other payables (10,146) (6,419) (8,430)
Financial liabilities -
lease liabilities (2,013) (2,083) (2,103)
Total current liabilities (12,159) (8,502) (10,533)
--------------- ---------- ---------------
Non-current
Borrowings (24,820) (24,829) (24,801)
Financial liabilities -
lease liabilities (16,892) (18,299) (17,750)
Deferred tax liabilities (2,181) (2,018) (2,181)
Total non-current liabilities (43,893) (45,146) (44,732)
--------------- ---------- ---------------
Total liabilities (56,052) (53,648) (55,265)
--------------- ---------- ---------------
Net assets 93,114 96,806 94,065
=============== ========== ===============
Equity
Share capital 9 31,275 31,275 31,275
Share premium 9 59,376 59,360 59,303
Own shares (JSOP) (3,272) (3,272) (3,272)
Other reserve 92 92 92
Share-based payment reserve 1,678 1,080 1,374
Retained earnings 3,965 8,271 5,293
Total equity 93,114 96,806 94,065
=============== ========== ===============
* - see note 7 for explanation of restatement.
The accompanying notes are an integral part of these interim
financial statements.
Consolidated Statement of Changes in Equity
For the 26 weeks ended 27 June 2021
Share-based
Share Share Own shares Other payment Retained
capital premium (JSOP) reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at
29 December
2019 (Audited) 30,812 38,570 (3,272) 92 977 11,756 78,935
Employee share-based
compensation - - - - 103 - 103
Issue of new
shares 463 20,790 - - - - 21,253
Transactions
with owners 463 20,790 - - 103 - 21,356
--------- --------- ----------- --------- ------------ ---------- ---------
Loss for the
period - - - - - (3,485) (3,485)
Total comprehensive
income for
the period - - - - - (3,485) (3,485)
--------- --------- ----------- --------- ------------ ---------- ---------
Balance at
28 June 2020
(Unaudited) 31,275 59,360 (3,272) 92 1,080 8,271 96,806
========= ========= =========== ========= ============ ========== =========
Employee share-based
compensation - - - - 294 - 294
Issue of new
shares - (57) - - - - (57)
Transactions
with owners - (57) - - 294 - 237
--------- --------- ----------- --------- ------------ ---------- ---------
Loss for the
period - - - - - (2,978) (2,978)
Total comprehensive
income for
the period - - - - - (2,978) (2,978)
--------- --------- ----------- --------- ------------ ---------- ---------
Balance at
27 December
2020 (Audited) 31,275 59,303 (3,272) 92 1,374 5,293 94,065
========= ========= =========== ========= ============ ========== =========
Employee share-based
compensation - - - - 304 - 304
Issue of new
shares - 73 - - - - 73
Transactions
with owners - 73 - - 304 - 377
--------- --------- ----------- --------- ------------ ---------- ---------
Loss for the
period - - - - - (1,328) (1,328)
Total comprehensive
income for
the period - - - - - (1,328) (1,328)
--------- --------- ----------- --------- ------------ ---------- ---------
Balance at
27 June 2021
(Unaudited) 31,275 59,376 (3,272) 92 1,678 3,965 93,114
========= ========= =========== ========= ============ ========== =========
The accompanying notes are an integral part of these interim
financial statements.
Consolidated Statement of Cashflows
For the 26 weeks ended 27 June 2021
Unaudited Unaudited Audited
26 weeks
26 weeks ended ended 52 weeks ended
28 June 27 December
27 June 2021 2020 2020
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Loss for the period (1,328) (3,485) (6,463)
Taxation (242) (760) (1,171)
Finance costs 512 653 1,137
--------------- ---------- ---------------
Operating loss (1,058) (3,592) (6,497)
Adjustments for:
Depreciation 2,645 2,775 5,494
Share-based payment charge 304 103 397
Impairment - - 933
Change in inventories (206) 480 517
Change in trade and other receivables (126) 1,080 1,055
Change in trade and other payables 1,738 (2,287) (258)
--------------- ---------- ---------------
Cash generated from/(used in)
operations 3,297 (1,441) 1,641
Tax paid - (341) (341)
Net cash (used in)/from operating
activities 3,297 (1,782) 1,300
--------------- ---------- ---------------
Cash flows from investing activities
Purchase of property, plant and
equipment (1,980) (1,699) (2,304)
Purchase of investments (2,744) - (1,309)
Proceeds from disposal of property,
plant and equipment - - 821
Net cash used in investing activities (4,724) (1,699) (2,792)
--------------- ---------- ---------------
Cash flows from financing activities
Proceeds from issue of share capital 73 21,252 21,196
Repayment of borrowings - (7,500) (7,544)
Principal elements of lease payments (647) (1,008) (1,347)
Interest paid (555) (366) (1,251)
Net cash from financing activities (1,129) 12,378 11,054
--------------- ---------- ---------------
Net change in cash and cash equivalents (2,556) 8,897 9,562
Cash and cash equivalents at the
start of the period 12,331 2,769 2,769
Cash and cash equivalents at the
end of the period 9,775 11,666 12,331
=============== ========== ===============
The accompanying notes are an integral part of these interim
financial statements.
Notes to the Financial Statements
For the 26 weeks ended 27 June 2021
1 Basis of preparation
This interim report was approved by the board on 22 September
2021. The interim financial statements are unaudited and are not
the Group's statutory accounts as defined in section 434 of the
Companies Act 2006.
The consolidated interim financial statements have been prepared
under IFRS as adopted by the European Union and on the basis of the
accounting policies set out in the statutory accounts of The City
Pub Group plc, for the period ended 27 December 2020. The financial
statements have not been prepared (and are not required to be
prepared) in accordance with IAS 34: 'Interim Financial Reporting'.
They do not include any of the information required for full annual
financial statements and should be read in conjunction with the
consolidated financial statements of the Group for the period ended
27 December 2020.
Statutory accounts for the period ended 27 December 2020 have
been delivered to the Registrar of Companies. These accounts
contain an unqualified audit report under Section 495 of the
Companies Act 2006, which did not make any statements under Section
498 of the Companies Act 2006.
The interim report is presented in Great British Pounds and all
values are rounded to the nearest thousand pounds, except where
otherwise indicated.
This interim report has been prepared in accordance with the AIM
Rules issued by the London Stock Exchange.
2 Other operating income
During the interim period the Group has continued to receive
Government grants, mainly in relation to the Furlough Scheme
provided by the Government in response to COVID-19's impact on
our business. Further analysis of other operating income
is set out below.
Unaudited Unaudited Audited
26 weeks 26 weeks 52 weeks
ended ended ended
27 June 27 December
2021 28 June 2020 2020
GBP'000 GBP'000 GBP'000
Coronavirus Job Retention
Scheme 2,911 2,904 5,141
Other government grants 1,010 27 250
Insurance claim 1,000 - -
4,921 2,931 5,391
========== ============= ============
3 Exceptional items
Unaudited Unaudited Audited
26 weeks 26 weeks 52 weeks
ended ended ended
27 June 27 December
2021 28 June 2020 2020
GBP'000 GBP'000 GBP'000
Pre opening costs 7 5 14
Impairment of a pub site
(note 6) - - 933
Inventory impairments - - 662
Other non recurring items 39 515 205
Insurance claim (1,000) - -
(954) 520 1,814
========== ============= ============
For the purposes of this interim announcement and annual report
and accounts, Exceptional items are highlighted as part of the use
of alternative non-Generally Accepted Accounting Practice
('non-GAAP') financial measures which are not defined within IFRS.
The Directors use these measures in order to assess the underlying
operational performance of the Group and as such, these measures
are important and should be considered alongside the IFRS
measures.
The insurance claim is recognised within other operating income
and all the other exceptional items are recorded within
administrative expenses line in the statement of comprehensive
income.
4 Tax credit on loss on ordinary activities
The taxation credit is calculated by applying the Directors'
best estimate of the annual effective tax rate to the loss for the
period. All items of taxation are reflected through the Statement
of Comprehensive Income.
Unaudited Unaudited Audited
26 weeks 26 weeks 52 weeks
ended ended ended
27 June 28 June 27 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Current income tax:
Current income tax (credit)/charge - (655) (572)
Adjustments in respect of previous
period - - (154)
Total current income tax (credit)/charge - (655) (726)
---------- ---------- ------------
Deferred tax:
Origination and reversal of
temporary differences (242) (105) (445)
Adjustments in respect of previous - - -
period
Total deferred tax (credit)/charge (242) (105) (445)
---------- ---------- ------------
Total tax (credit)/charge (242) (760) (1,171)
========== ========== ============
5 Loss per share
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
27 December
27 June 2021 28 June 2020 2020
GBP'000 GBP'000 GBP'000
Loss for the period
attributable to Shareholders (1,328) (3,485) (6,463)
=============== =============== ===============
Loss per share:
Basic loss per share
(p) (1.28) (4.52) (7.15)
Diluted earnings per n/a n/a n/a
share (p)
Weighted average number Number of Number of Number of
of shares: shares shares shares
Weighted average shares
for basic EPS 103,764,494 77,145,443 90,451,692
Effect of share options n/a n/a n/a
in issue
Weighted average shares n/a n/a n/a
for diluted earnings
per share
=============== =============== ===============
6 Dividends
The Directors did not propose a dividend in relation to the year
ended 27 December 2020 due to the Coronavirus pandemic (2019:
nil).
7 Property, plant and equipment
Group
Freehold Fixtures,
& leasehold fittings
property and computers Total
Cost GBP'000 GBP'000 GBP'000
At 29 December 2019 (Audited) 97,292 29,357 126,649
Additions 111 1,650 1,761
------------- --------------- --------
At 28 June 2020 (Unaudited) 97,403 31,007 128,410
Additions 200 457 657
Disposals (821) - (821)
At 27 December 2020 (Audited) 96,782 31,464 128,246
------------- --------------- --------
Additions 1,155 869 2,024
Disposals - (20) (20)
------------- --------------- --------
At 27 June 2021 (Unaudited) 97,937 32,313 130,250
------------- --------------- --------
Depreciation
At 29 December 2019 (Audited) 4,627 11,108 15,735
Provided during the period 373 1,593 1,966
At 28 June 2020 (Unaudited) 5,000 12,701 17,701
Provided during the period 374 1,519 1,893
Impairment - 79 79
At 27 December 2020 (Audited) 5,374 14,299 19,673
------------- --------------- --------
Provided during the period 372 1,455 1,827
Disposals - (20) (20)
At 27 June 2021 (Unaudited) 5,746 15,734 21,480
------------- --------------- --------
Net book value
At 27 June 2021 (Unaudited) 92,191 16,579 108,770
============= =============== ========
At 27 December 2020 (Audited) 91,408 17,165 108,573
============= =============== ========
At 28 June 2020 (Unaudited) 92,403 18,306 110,709
============= =============== ========
At 29 December 2019 (Audited) 92,665 18,249 110,914
============= =============== ========
During the period ended 27 December 2020 the group made a
provision for impairment against a number of sites totalling
GBP593,000, however GBP514,000 of this impairment should have been
processed against goodwill rather than fixtures and fittings,
therefore a correction has been processed to the 27 December 2020
figures. This restatement has no impact on the result for the
current year, on earnings per share, on net assets or on the
retained earnings reserve brought forward.
8 Right-of-use assets
Right-of-use
assets
Cost GBP'000
At 29 December 2019 (Audited) -
-------------
On adoption of IFRS 16 21,042
At 28 June 2020 (Unaudited) 21,042
-------------
Additions 158
-------------
At 27 December 2020 (Audited) 21,200
-------------
Disposals (418)
-------------
At 27 June 2021 (Unaudited) 20,782
-------------
Depreciation
At 29 December 2019 (Audited) -
-------------
Provided during the period 809
At 28 June 2020 (Unaudited) 809
-------------
Provided during the period 826
-------------
At 27 December 2020 (Audited) 1,635
-------------
Provided during the period 818
Disposals (113)
-------------
At 27 June 2021 (Unaudited) 2,340
-------------
Net book value
At 27 June 2021 (Unaudited) 18,442
=============
At 27 December 2020 (Audited) 19,565
=============
At 28 June 2020 (Unaudited) 20,233
=============
At 29 December 2019 (Audited) -
=============
The disposal during the period relates to the Roundhouse Pub,
where the Group acquired the Freehold and therefore no ongoing ROU
asset required.
9 Share capital
In May 2021 the Group issued 22,500 GBP0.01 shares at a price of
GBP1.00 per share in relation to the exercise of share options. The
premium on the shares issued was credited to the share premium
account.
10 Events after the reporting period
- Disposal of the Island, Kensal Green during July 2021.
- Disposal of the Punt Yard during August 2021.
- Opening of our new site, the Turks Head in Exeter during September 2021.
- Completed on the acquisition of a freehold 30-bedroom pub / hotel in north Norfolk.
- Completed on a new leasehold site in Bury St Edmunds.
- Exchanged on the disposal of Tell Your Friends, London.
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END
IR BLLLLFKLLBBX
(END) Dow Jones Newswires
September 23, 2021 02:00 ET (06:00 GMT)
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