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RNS Number : 8669M
City Pub Group PLC (The)
19 September 2019
 

The City Pub Group PLC

(the "City Pub Group", the "Company" or the "Group")

 

INTERIM RESULTS FOR THE 26 WEEK PERIOD ENDING 30 JUNE 2019

 

Strategic expansion drives sales and EBITDA growth

 

The City Pub Group is pleased to announce its unaudited results for the 26 weeks ended 30 June 2019. The Group operates a predominately freehold estate of 47 wet-led pubs in London, Southern England and Wales.

 

Highlights:

·    Revenue up 36% to £27.1 million (2018: £20.0 million)

·    Like for like sales increased by 2.6% year on year

·    Adjusted EBITDA* up 20% to £3.6 million (2018: £3.0 million)

·    Adjusted profit before tax** up 19% to £1.9 million (2018: £1.6 million)

 

* Adjusted earnings before exceptional items, share option charge, interest, taxation, depreciation and amortisation.

** Adjusted profit before tax is the profit before tax, share option charge and exceptional items.

 

·    Strategic expansion continued with four pubs opened in 2019. The expanded estate and our wet-led focus resulted in substantial EBITDA and sales growth. Progress has continued into the second half with sales up by 35% over the last eleven weeks.

 

·    With a further four projects in development and a continued focus on the existing estate, the Board expects the Group to continue to deliver significant growth for the foreseeable future.

 

·    The Group is beginning to see the benefits of the new regional management structure and the new Weekly Employee Bonus Scheme, both of which will drive growth and further incentivise the Group's employees.

 

·    Due to political and economic uncertainty the Group will take a much more prudent and even more selective approach to acquisitions and focus instead on completing the development sites for trading, reducing debt and improving the dividend for shareholders as cash generated increases, until a time where there is more certainty.

 

 

Clive Watson, Executive Chairman of The City Pub Group, said:

 

"Our targeted expansion of high-quality larger pubs with letting rooms has delivered strong progress for the Group in the first half. In the face of robust comparatives, we have delivered good like for like growth too. As our development sites begin trading during 2020, they will drive our performance onward. Our momentum has continued into the second half with strong sales growth.

 

"We cannot ignore the uncertainty in the market due primarily to Brexit and the potential impact of a No Deal. We are a management team that is focused on the long-term and as such we believe it is prudent for us to rein in our expansion programme until there is more certainty. Instead we will focus on getting our development sites trading, developing our existing estate, reducing our debt and improving our dividends for shareholders. This will further strengthen our position and minimise the impact of any headwinds whilst continuing to deliver significant growth into the future."

 

19 September 2019

 

This announcement contains inside information for the purposes of EU Regulation 596/2014.

 

 

 

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

Edward Thomas

Clayton Bush

+44 (0) 20 3100 2000

 

 

Berenberg (Joint Broker)

Chris Bowman

Toby Flaux

Marie Stolberg

+44 (0) 20 3207 7800

 

For further information on City Pub Group pubs visit www.citypubcompany.com 

 

CHAIRMAN'S STATEMENT

 

The Group has continued its expansion in the first half of the 2019. We now have 47 pubs trading, a further 3 sites in the development stage and a project to add additional bedrooms to an existing site. The Board's ambition of having an estate of around 65 pubs is well within our reach. As the Group expands, we are continuing to build our expertise and local knowledge in the areas we already trade in, thereby driving further growth and improving our overall performance.

 

Financial Highlights

 

The Board is pleased with the financial performance of the Group over the period. Highlights include:

 

-       Revenue growth of 36% to £27.1 million (2018: £20.0 million)

 

-       Adjusted EBITDA* increased by 20% to £3.6 million (2018: £3.0 million)

 

-       Adjusted Profit before tax** up 19% to £1.9 million (2018: £1.6 million)

 

These results have been achieved through our strategy of increasing the number of pubs we operate as well as delivering organic growth from the existing estate.

 

Like-for-like sales increased by 2.6% in the first six months. We are pleased with this result as it is against strong comparatives and a period which benefitted from the FIFA World Cup and hot weather. 

 

Operating margins were lower in the period primarily due to one-off investments to build infrastructure for future growth, including establishing a new regional management structure and the overlapping of the new Weekly Employee Bonus Scheme which replaced the Annual Employee Profit share. These projects will ensure that we have an optimal structure and rewards programme in place to provide a platform for us to grow. The Board is confident that operating margin will return to its growth trajectory. A target of 20% has been set by the end of 2021.

 

Trading Estate

 

The Group operates 47 high-quality predominantly drink-led pubs. It also acquired a freehold pub in London in July 2019, which is leased to another operator.

 

Since the start of the year the Group has opened the following pubs:

 

February: Pride of Paddington, a landmark pub opposite Paddington Station which benefits from letting accommodation.

 

April: The Hoste, an iconic site located in Burnham Market, North Norfolk, benefitting from 53 bedrooms as well as a lovely pub and dining area.

 

June: Aragon House, a landmark site located in London's Parsons Green with three trading floors, a large garden and 15 bedrooms.

 

July: Market House, a former Lloyd's Bank building located in Market Square, Reading, now operating as a large pub with 24 letting rooms and a rooftop garden.

 

The Board is satisfied with the performance of these new openings.  

 

In addition, there are 4 projects in the development pipeline:

 

Norwich - Land and building adjacent to our city centre site, the Georgian Town House. Works are ongoing and should be completed by end of the year, delivering a further 12 letting rooms, which will enhance the existing operation.

 

Exeter - Former Turks Head Pub. As part of our refurbishment programme we will be adding 6 letting rooms and a roof garden. It is expected to open in the second quarter of 2020.

 

Cambridge - Former Tivoli Pub. Planning permission has been received to redevelop the site with a roof garden. It is expected to open in the third quarter of 2020 and adds to our growing presence in Cambridge.

 

Bath - Former Nest Pub. This site is currently going through the planning process. We are targeting an opening date in the third quarter of 2020.

 

In addition to the sites acquired, we have a further site which we are in the process of completing the legal documentation for and we continue to appraise other opportunities. 

 

During the period we sold The Grapes in Oxford for £120,000.

 

The Group's acquisition strategy is focused on developing large, prominent sites in our target cities which ideally have existing letting rooms or at least space for us to develop some.  These types of pubs are attractive to us as, whilst obtaining the necessary consents can take time, they perform well and deliver strong returns.

 

Market / Brexit

 

We have been pleased with our trading performance to date. We operate in a market that is benefitting from full employment and low interest rates. Our focus continues to be building local custom in our pubs to ensure a sustainable pattern of trade. To assist this, we continue to evolve our retailing offer through innovation, better customer service and driving trade through the City Club App.

 

For us it is important to take into account both the long-term view of the future of the business and short term macro-economic factors. The uncertainty caused by Brexit hangs over the pub industry and the UK economy as a whole. The Board believes that given this, it is prudent at this time to be more discerning on our acquisition strategy. The reason behind our decision is primarily opportunism - prices of pubs should fall in a No Deal Brexit scenario.

 

The Group has grown rapidly in recent years and we have a number of development sites with significant potential to concentrate on in the short term, which together with additional management attention on the entire existing and development estate, there are considerable gains to be made providing substantial growth for some time to come.

 

The Group will continue to look at acquisitions of sites on a selective basis and take advantage of our ability to move quickly and decisively.

 

Regional Structure / Weekly Employee Bonus Scheme

 

The introduction of the Regional structure and the Weekly Employment Bonus Scheme have had an upfront cost, but have created a structure for further growth and provided additional motivation for our employees. The Board believes decentralisation of our head office functions will maintain our cutting edge as we go forward by empowering our management team further and enabling them to focus on the opportunity in their local markets. As part of this activity, we have appointed our first Regional Director, Jim Charlton, in our Western region and will make more appointments in our other divisions later this year.

 

The Weekly Employee Bonus Scheme has encouraged the overall entrepreneurial culture of the business with very tangible benefits of staff retention and improved productivity now coming through.

 

Banking Facilities / Borrowings

 

The Group entered into a new 5 year, £50 million banking facility (£35m facility with £15m accordion option) with Barclays Bank plc in July on more favourable terms than our previous facility. This renewed facility ensures that we are fully funded to make acquisitions at the appropriate time.

 

Current net debt is c. £30 million and it is the Board's intention to maintain this level, or even reduce it, until there is more clarity.

 

Dividend

 

It is currently Group policy not to declare interim dividends. The Board is committed to increasing dividends in line with earnings and will finalise the intended dividend payment when we announce our full year results in April 2020.

 

Current Trading

 

Sales in the 11 weeks since the period end have increased 35% driven by our strategy of opening larger sites and capitalising on local trading opportunities. The quality of our trading estate is continually improving and has been enhanced by the recent openings. The increased number of letting bedrooms across the estate will drive future operational efficiencies.

 

The Group's focus is now on raising the quality of the estate, completing our development programme, acquiring new sites on an opportunistic basis, reducing our debt and growing dividend payments for shareholders as cash generation increases.

 

Clive Watson

Chairman

19 September 2019

 

* Adjusted Earnings before exceptional items, share option charge, interest, taxation, depreciation and amortisation.

** Adjusted profit before tax is the profit before tax, share option charge and exceptional items

 

 

Consolidated Statement of Comprehensive Income

For the 26 weeks ended 30 June 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

 

 

26 weeks ended

 

26 weeks ended

 

52 weeks ended

 

 

 

 

 

30 June 2019

 

1 July 2018

 

30 December 2018

 

 

 

Notes

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

27,107

 

19,965

 

45,674

 

 

Costs of sales

 

 

 (6,824)

 

 (5,017)

 

 (11,621)

 

 

Gross profit

 

 

20,283

 

14,948

 

34,053

 

 

Administrative expenses

 

 

 (19,251)

 

 (13,842)

 

 (31,244)

 

 

Operating profit

 

 

1,032

 

1,106

 

2,809

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation to adjusted EBITDA*

 

 

 

 

 

 

 

 

 

Operating profit

 

 

1,032

 

1,106

 

2,809

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

6

 

1,594

 

1,207

 

2,552

 

 

Share option charge

 

 

180

 

181

 

377

 

 

Exceptional items

2

 

803

 

514

 

2,121

 

 

 

 

 

 

 

 

 

 

 

 

*Adjusted earnings before exceptional items, share option charge, interest, taxation and depreciation

 

 

3,609

 

3,008

 

7,859

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance costs

 

 

 (86)

 

 (174)

 

 (189)

 

 

Profit before tax

 

 

946

 

932

 

2,620

 

 

Tax expense

3

 

 (436)

 

 (176)

 

 (654)

 

 

Profit for the period and total comprehensive income

 

 

510

 

756

 

1,966

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

Basic earnings per share (p)

4

 

0.86

 

1.34

 

3.44

 

 

Diluted earnings per share (p)

4

 

0.85

 

1.33

 

3.41

 

 

 

 

 

 

 

 

 

 

 

 

                             

 

Consolidated Statement of Financial Position

As at 30 June 2019

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

 

26 weeks ended

 

26 weeks ended

 

52 weeks ended

 

 

 

 

30 June 2019

 

1 July 2018

 

30 December 2018

 

Assets

Notes

 

£'000

 

£'000

 

£'000

 

Non-current

 

 

 

 

 

 

 

 

Intangible assets

 

 

4,136

 

3,090

 

3,794

 

Property, plant and equipment

6

 

107,770

 

78,590

 

90,020

 

Total non-current assets

 

 

111,906

 

81,680

 

93,814

 

Current

 

 

 

 

 

 

 

 

Inventories

 

 

880

 

580

 

960

 

Trade and other receivables

 

 

2,885

 

1,995

 

2,542

 

Cash and cash equivalents

 

 

3,114

 

2,842

 

2,853

 

Total current assets

 

 

6,879

 

5,417

 

6,355

 

Total assets

 

 

118,785

 

87,097

 

100,169

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Trade and other payables

 

 

 (9,178)

 

 (7,715)

 

 (8,494)

 

Total current liabilities

 

 

 (9,178)

 

 (7,715)

 

 (8,494)

 

Non-current

 

 

 

 

 

 

 

 

Borrowings

 

 

 (30,000)

 

 (7,000)

 

 (11,600)

 

Other payables

 

 

 (50)

 

 (310)

 

-

 

Deferred tax liabilities

 

 

 (1,879)

 

 (1,096)

 

 (1,537)

 

Total non-current liabilities

 

 

 (31,929)

 

 (8,406)

 

 (13,137)

 

Total liabilities

 

 

 (41,107)

 

 (16,121)

 

 (21,631)

 

Net assets

 

 

77,678

 

70,976

 

78,538

 

Equity

 

 

 

 

 

 

 

 

Share capital

 

 

30,692

 

29,196

 

30,651

 

Share premium

 

 

38,328

 

33,586

 

38,287

 

Own shares (JSOP)

 

 

 (3,272)

 

 (3,272)

 

 (3,272)

 

Other reserve

 

 

92

 

92

 

92

 

Share-based payment reserve

 

 

883

 

507

 

703

 

Retained earnings

 

 

10,955

 

10,867

 

12,077

 

Total equity

 

 

77,678

 

70,976

 

78,538

 

 

 

 

 

 

 

 

 

 

                             

 

 

Consolidated Statement of Changes in Equity

For the 26 weeks ended 30 June 2019

 

 

Share capital
£'000

 

Share premium
£'000

 

Own shares (JSOP)

£'000

 

Other reserve
£'000

 

Share-based payment reserve
£'000

 

Retained earnings
£'000

 

Total
£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 December 2017 (Audited)

 

 28,234

 

 31,276

 

-

 

   92

 

326

 

11,382

 

71,310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee share-based compensation

 

-

 

-

 

-

 

-

 

181

 

-

 

181

Dividends

 

-

 

-

 

-

 

-

 

-

 

(1,271)

 

(1,271)

Purchase of JSOP shares

 

962

 

2,310

 

(3,272)

 

-

 

-

 

-

 

-

Transactions with owners

 

962

 

2,310

 

(3,272)

 

-

 

181

 

(1,271)

 

(1,089)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the period

 

-

 

-

 

-

 

-

 

-

 

756

 

756

Total comprehensive income for the period

 

-

 

-

 

-

 

-

 

-

 

756

 

756

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1 July 2018 (Unaudited)

 

 29,196

 

 33,586

 

(3,272)

 

  92

 

   507

 

10,867

 

70,976

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee share-based compensation

 

-

 

-

 

-

 

-

 

196

 

-

 

196

Issue of new shares

 

1,455

 

4,701

 

-

 

-

 

-

 

-

 

6,156

Transactions with owners

 

1,455

 

4,701

 

-

 

-

 

196

 

-

 

6,352

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the period

 

-

 

-

 

-

 

-

 

-

 

1,210

 

1,210

Total comprehensive income for the period

 

-

 

-

 

-

 

-

 

-

 

1,210

 

1,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 December 2018 (Audited)

 

30,651

 

38,287

 

(3,272)

 

92

 

703

 

12,077

 

78,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee share-based compensation

 

-

 

-

 

-

 

-

 

180

 

-

 

180

Dividends

 

-

 

-

 

-

 

-

 

-

 

(1,632)

 

(1,632)

Issue of new shares

 

41

 

41

 

-

 

-

 

-

 

-

 

82

Transactions with owners

 

41

 

41

 

-

 

-

 

180

 

(1,632)

 

(1,370)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the period

 

-

 

-

 

-

 

-

 

-

 

510

 

510

Total comprehensive income for the period

 

-

 

-

 

-

 

-

 

-

 

510

 

510

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 June 2019 (Unaudited)

 

30,692

 

38,328

 

(3,272)

 

92

 

883

 

10,955

 

77,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Cashflows

For the 26 weeks ended 30 June 2019

 

 

Unaudited

 

Unaudited

 

Audited

 

 

26 weeks ended

 

26 weeks ended

 

52 weeks ended

 

 

30 June 2019

 

1 July 2018

 

30 December 2018

 

 

£'000

 

£'000

 

£'000

Cash flows from operating activities

 

 

 

 

 

 

Profit for the period

 

510

 

756

 

1,966

Taxation

 

436

 

176

 

654

Finance costs

 

86

 

174

 

189

Operating profit

 

1,032

 

1,106

 

2,809

Adjustments for:

 

 

 

 

 

 

Depreciation

 

1,594

 

1,207

 

2,552

Gain on disposal of property, plant and equipment

 

 (1)

 

-

 

-

Share-based payment charge

 

180

 

181

 

377

Impairment

 

160

 

-

 

480

Change in inventories

 

80

 

 (26)

 

 (406)

Change in trade and other receivables

 

 (273)

 

 (343)

 

 (992)

Change in trade and other payables

 

 (2,112)

 

239

 

2,152

Cash generated from operations

 

660

 

2,364

 

6,972

Tax paid

 

 (15)

 

 (104)

 

 (535)

Net cash from operating activities

 

645

 

2,260

 

6,437

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 (8,787)

 

 (7,083)

 

 (11,430)

Proceeds from disposal of property, plant and equipment

 

50

 

-

 

-

Acquisition of new property sites

 

 (9,840)

 

 (5,332)

 

 (14,361)

Net cash used in investing activities

 

 (18,577)

 

 (12,415)

 

 (25,791)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from issue of share capital

 

82

 

-

 

5,973

Repayment of borrowings

 

-

 

-

 

 (245)

Dividends paid

 

-

 

-

 

 (1,087)

Proceeds from new borrowings

 

18,400

 

7,000

 

11,600

Interest paid

 

 (289)

 

 (418)

 

 (449)

Net cash from financing activities

 

18,193

 

6,582

 

15,792

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

261

 

 (3,573)

 

 (3,562)

Cash and cash equivalents at the start of the period

 

2,853

 

6,415

 

6,415

Cash and cash equivalents at the end of the period

 

3,114

 

2,842

 

2,853

 

 

 

 

 

 

 

 

 

 

Notes to the Financial Statements

For the 26 weeks ended 30 June 2019

 

1       Basis of preparation

This interim report was approved by the board on 19 September 2019. 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 30 December 2018. 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 30 December 2018.

 

Statutory accounts for the period ended 30 December 2018 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        Exceptional items

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

 

26 weeks ended

 

26 weeks ended

 

52 weeks ended

 

 

 

 

30 June 2019

 

1 July 2018

 

30 December 2018

 

 

 

 

£'000

 

£'000

 

£'000

 

 

Pre opening costs

 

506

 

450

 

1,455

 

 

Impairment of a pub site (note 6)

 

160

 

-

 

480

 

 

Other non recurring items

 

137

 

64

 

186

 

 

 

 

803

 

514

 

2,121

 

 

 

 

 

 

 

 

                             

 

3        Tax charge on profit on ordinary activities

The taxation charge is calculated by applying the Directors' best estimate of the annual effective tax rate to the profit for the period. All items of taxation are reflected through the Statement of Comprehensive Income.

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

 

26 weeks ended

 

26 weeks ended

 

52 weeks ended

 

 

 

30 June 2019

 

1 July 2018

 

30 December 2018

 

 

 

 

£'000

 

£'000

 

£'000

 

 

Current income tax:

 

 

 

 

 

 

 

 

 

436

 

162

 

604

 

 

 

-

 

-

 

 (81)

 

 

 

436

 

162

 

523

 

 

 

 

 

 

 

 

 

 

 

-

 

14

 

131

 

 

 

-

 

-

 

-

 

 

 

-

 

14

 

131

 

 

Total tax

 

436

 

176

 

654

 

 

 

 

 

 

 

 

                             

 

4        Earnings per share

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

26 weeks ended

 

26 weeks ended

 

52 weeks ended

 

 

 

30 June 2019

 

1 July 2018

 

30 December 2018

 

 

 

£'000

 

£'000

 

£'000

 

Earnings for the period attributable to Shareholders

 

 

 

 

 

 

 

 

510

 

756

 

1,966

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic earnings per share (p)

 

0.86

 

1.34

 

3.44

 

Diluted earnings per share (p)

 

0.85

 

1.33

 

3.41

 

 

 

 

 

 

 

 

 

Weighted average number of shares:

 

Number of shares

 

Number of shares

 

Number of shares

 

 

 

 

 

 

Weighted average shares for basic EPS

 

59,378,421

 

56,467,333

 

57,216,344

 

Effect of share options in issue

 

644,168

 

374,862

 

476,688

 

Weighted average shares for diluted earnings per share

 

60,022,589

 

56,842,195

 

57,693,032

 

 

 

 

 

 

               

5        Dividends

 

The Company declared a dividend of 2.75p per ordinary share during the year ended 30 December 2018, which was approved at the Annual General Meeting on 20th May 2019. The dividend payable of £1,632,820 has been accrued as at 30 June 2019 and deducted from retained earnings.

 

After the period end £1,405,798 of the dividend was paid in cash and £227,022 was distributed as a scrip dividend.

 

6        Property, plant and equipment

 

 

 

Freehold & leasehold property

 

Fixtures, fittings and computers

 

 

Group

 

 

 

 

 

 

 

 

Total

Cost

 

£'000

 

£'000

 

£'000

At 31 December 2017 (Audited)

 

59,588

 

15,839

 

75,427

Additions

 

5,794

 

1,289

 

7,083

Acquisitions

 

4,473

 

294

 

4,767

At 1 July 2018 (Unaudited)

 

69,855

 

17,422

 

87,277

Additions

 

1,587

 

3,019

 

4,606

Acquisitions

 

7,245

 

1,344

 

4,469

At 30 December 2018 (Audited)

 

78,687

 

21,785

 

 100,472

Additions

 

5,988

 

3,001

 

8,989

Acquisitions (Note 8)

 

10,344

 

288

 

10,632

Disposals

 

 (91)

 

 (64)

 

 (155)

At 30 June 2019 (Unaudited)

 

94,928

 

25,010

 

119,938

 

 

 

 

 

 

 

Depreciation

 

 

 

 

 

 

At 31 December 2017 (Audited)

 

1,432

 

6,048

 

7,480

Provided during the period

 

149

 

1,058

 

1,207

At 1 July 2018 (Unaudited)

 

1,581

 

7,106

 

8,687

Provided during the period

 

200

 

1,145

 

1,345

Impairment

 

420

 

-

 

420

At 30 December 2018 (Audited)

 

2,201

 

8,251

 

10,452

Provided during the period

 

330

 

1,264

 

1,594

Impairment

 

48

 

112

 

160

Disposals

 

 (19)

 

 (19)

 

 (38)

At 30 June 2019 (Unaudited)

 

2,560

 

9,608

 

12,168

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

At 30 June 2019 (Unaudited)

 

92,368

 

15,402

 

107,770

At 30 December 2018 (Audited)

 

76,486

 

13,534

 

90,020

 

68,274

 

10,316

 

78,590

 

58,156

 

9,791

 

67,947

 

 

 

 

 

 

 

 

 

During the period ended 30 December 2018 the group made a provision for impairment against a Pub Site in Cambridge, due to poor performance and it has been reduced to its value in use, with the asset being held at its recoverable amount of £340,000. In addition, the group made a provision for impairment against the Grapes in Oxford, which was written down to its recoverable amount, with its disposal completed on 25th February 2019.

 

During the period ended 30 June 2019 the group made an additional provision for impairment against the Pub site in Cambridge, due to poor performance and it has been reduced to its value in use, with the asset being held at its recoverable amount of £150,000.

 

7        Business combinations

 

During the period ended 30 June 2019 the Group has acquired 2 new sites through business combinations, the fair values of the assets and liabilities acquired, and the nature of the consideration, are outlined within the table below.

 

All of the above acquisitions were part of the Group's continuing strategy to expand its pub portfolio via selective quality acquisitions. All other pub acquisitions have been accounted for as property acquisitions.

 

 

 

Unaudited

 

 

26 weeks ended

 

 

30 June 2019

 

£'000

 

10,632

 

(343)

 

343

Total

 

10,632

 

 

 

 

 

 

9,840

 

792

Total

 

10,632

 

 

 

 

 

8        Events after the reporting period

The Group settled the final dividend, which was approved at the AGM in May 2019, on 1 July 2019.

 

In July 2019 the Company agreed a new £35 million revolving credit facility, with a £15 million accordion option, with Barclays Bank PLC.

 

On 12 July 2019, the Company purchased The Island, a freehold site in Kensal Green.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: City Pub Group Plc

Price: 192.5

Market: AIM
Market Cap: £114.92 m
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