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The City Pub Group, which owns 43 pubs across England and Wales, has reported that revenues rose by 63% to £57.8m for the year ending in December 2022, compared to £35.4m in 2021.
Like-for-like gross sales for FY22 were up by 3%, improving to 7.8% in Q4, while pre-adjusted earnings for the company were up 111% to £8m.
Net debt is £8m, which the group attributes to a further 13% share in Mosaic Investments in April 2023 that cost £2.2m.
Despite the economic challenges throughout the past year as well as the Omicron variant, the group has said to be pleased with the FY22 trading performance.
The first three months of 2023 have been “encouraging” for the company which is currently trading 13% ahead of 2022 on a like-for-like basis.
Clive Watson, chairman of City Pub Group said: “The group has achieved a pleasing performance through 2022, demonstrating the strength of our adaptable model and ability to recover following covid and through the challenging conditions of the last year. Our premium estate is now fully refurbished creating, together with the strengthened management team, a platform for expansion when the time is right.
“Our near term ambition is to continue to premiumise the pub estate to deliver additional organic sales and profit growth. We have seen an encouraging start to the year, with trading ahead of expectations which, whilst still early in the year, provides confidence for the coming year.”
