City Pub Group PLC (The) AGM Statement (8800N)
14 May 2018 - 4:00PM
UK Regulatory
TIDMCPC
RNS Number : 8800N
City Pub Group PLC (The)
14 May 2018
The City Pub Group PLC
(the "City Pub Group", the "Company" or the "Group")
AGM Statement
The City Pub Group is pleased to update the market on its
progress at the 2018 AGM. Since listing on AIM late last year, the
number of trading pubs has now increased from 33 to 36 and the size
of the Group's estate (once exchanged pubs are completed and
development pubs are opened) will have increased from 34 to 44.
Highlights:
-- Total sales for the first 18 weeks of the financial year were
up 23% with recent strong trading making up for the snow affected
weeks.
-- Since our annual results announcement on 12 April 2018:
o we have opened Tell Your Friends, our vegan pub in Parsons
Green;
o we have acquired The Covent Garden Pub, in Covent Garden,
London, which is currently trading but will require a small
refurbishment;
o we have completed the acquisition of a site in Summertown,
Oxford, which is expected to open in Q3 2018 following a
refurbishment;
o we have completed the acquisition of a large pub in Cambridge,
which will require a significant refurbishment and is expected to
open in Q1 2019;
o we have exchanged on 2 trading pubs in London, which are
expected to complete and be open for trading by the end of June
2018.
-- We are currently in the process of investing in and
developing 6 sites in total (Aragon House in Parsons Green, the Old
Ticket Office in Cambridge, our pubs in Cardiff and Reading and, as
referred to above, our recently acquired pubs in Oxford and
Cambridge).
Clive Watson, Executive Chairman, said:
"We are pleased that recent trading has bounced back strongly
following some tough weeks during the inclement weather earlier
this year. Our pubs have strong and relevant customer offerings
which is evidenced well by our continuing growth.
We are excited by our new opening pipeline and with the
development of those acquired. The strength of our balance sheet
enables us to purchase development sites or trading sites,
whichever delivers long-term value for the Group. More pubs are
currently being appraised and we envisage our pipeline expanding
further this year.
We remain confident in our strategy and execution of our plan.
Whilst still early in the year and with exciting events to come
such as the World Cup, where we should trade well, we are well
placed to meet expectations for the year."
14 May 2018
Enquiries:
City Pub Group
Clive Watson, Chairman
Tarquin Williams, CFO
Instinctif Partners
Matthew Smallwood
Andy Low +44(0)20 7457 2020
Liberum (Nomad & Joint
Broker)
Chris Clarke
Trystan Cullen
Clayton Bush +44(0)20 3100 2222
Berenberg (Joint Broker)
Chris Bowman
Toby Flaux
Marie Stolberg +44 (0)20 3207 7800
For further information on City Pub Company pubs visit
www.citypubcompany.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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