logo-loader
viewCity Pub Group Plc

City Pub progress slowed by December one-offs

Profits for the year are now expected in a range of between £9.1mln and £9.2mln or 15% ahead of 2018.

City Pub Group Plc -
Rain, rail strikes and the election affected the year-end

Difficult trading in December has prompted The City Pub Group PLC (LON:CPC) to caution it will miss the market’s profits expectations.

Sales over 2019 rose by 31% to £59.8mln and by 1.7% like-for-like, but December was hit by the election uncertainty, higher wage costs, heavy rain and the impact of the strikes on South-West trains.

City Pub added the comparative period was also very strong, while two major refurbishments were completed too late in the year to meaningfully contribute.

Profits for the year are now expected in a range of between £9.1mln and £9.2mln, which is still 15% ahead of 2018.

The AIM-listed group remains upbeat on the current year as there will be full-year contributions from five refurbished pubs including Parsons Green (its most successful new opening to date) with three new big developments also due to open later in the year.

Broker Liberum lowered its price target to 255p from 280p but kept its 'buy' rating.

Quick facts: City Pub Group Plc

Price: 97 GBX

AIM:CPC
Market: AIM
Market Cap: £100.65 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of City Pub Group Plc named herein, including the promotion by the Company of City Pub Group Plc in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Archer Materials looking to raise 3 million offering a Share Purchase Plan

Archer Materials ( ASX: AXE) CEO Dr Mohammad Choucair joined Proactive’s Steve Darling with news the company is looking to raise capital in a Share Purchase Plan which began June 1st. That plan will allow eligible shareholders the opportunity to purchase new Archer shares at a price of $0.60 per...

4 hours, 13 minutes ago

2 min read