City Pub Group (The) - Year End Trading Update
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.
Year end trading update
Total turnover for the year was
Having traded well over the majority of the year, frustratingly, a number of one-off factors combined in the latter part of Q4 which subdued trading over the important festive period. The Rugby World Cup did not have the impact that we expected. Political uncertainty culminating in the December Election held back sales until the result was known and unhelpful weather during November and December dampened trading further. There were also disruptions on South West trains throughout December due to industrial action, which had an impact on our
The 2018 festive season was very strong for the Group with like for like sales of 7%, meaning that comparatives were strong. Like for like sales over the six-week period ending
During Q4, we also completed the refurbishments of the two former
Consequently, due to the one-off factors explained above, adjusted EBITDA (before exceptional items) for the year ended
The Group has a strong business model that is quick to respond to the more normal trading conditions now prevailing. Efforts to refocus on operating margins are already underway and this year's performance should see the benefits of this. In addition, there are two underperforming sites that have been earmarked and actively marketed for disposal.
In 2020, the Company will benefit from a full years' trading from the pubs opened in 2019 such as
We remain confident in delivering continued growth and performance in 2020 and beyond.
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Tel: +44 20 7559 5106
Liberum (Nomad & Joint Broker)
Tel: +44 20 3100 2222
Berenberg (Joint Broker)
Tel: +44 20 3207 7800
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Tel: +44 (0)7831379122
This information is provided by RNS, the news service of the
Quick facts: City Pub Group Plc
Market Cap: £117.68 m
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