The City Pub Group reports “pivotal year in the evolution of the business”
The City Pub Group has announced the revenue is up by 35% to £37.4m in what it calls a “pivotal year.”
Audited results for the 53 weeks ending at 31 December 2017 showed that like-for-like sales growth was up by 3.8%, driving by growth in drink and accommodation.
The Group operates a predominately freehold estate of 34 wet-led pubs in Southern England and Wales. Five additional sites acquired and a further two are to be completed imminently, bringing the size of the estate to 41.
Continued significant progress throughout the year including the combination of City Pub Company East and City Pub Company West to form the City Pub Group and admission to AIM raised a total of £35m of new equity to fund future growth.
Dividends increased by 50% on 2016 to 2.25p per share and the group’s innovative profit share scheme saw eligible employees rewarded with a payment of £750 each as a result of the Group’s strong financial performance.
Clive Watson, executive chairman of The City Pub Group, said: “2017 was a pivotal year in the evolution of the business. Not only did we combine the two divisions under one roof, but we made the important step of listing on AIM.
“We have also continued to expand our high-quality drink-led estate which has significantly increased revenue and Group EBITDA. Our increased dividend signals the progress made, our strong financial performance and our confidence for the future.
“The sector continues to experience a number of well-trailed headwinds but we are positioned to meet these challenges and with our robust balance sheet, well invested estate and strong cash generation, we are confident of delivering continued strong progress and meeting our expectations for the year as a whole.”
