City Pub Group PLC (The) AGM Trading Update (0549O)
June 08 2022 - 1:00AM
UK Regulatory
TIDMCPC
RNS Number : 0549O
City Pub Group PLC (The)
08 June 2022
City Pub Group PLC
("The City Pub Group" or "the Group")
AGM Trading Update
Sales now ahead of 2019 levels
The City Pub Group, the owner and operator of 42 premium pubs
across Southern England and Wales and a further two development
sites, is pleased to announce that LFL sales have continued to
strengthen faster than predicted, with May 2022 5% ahead of May
2019.
Last week's trade - which included the Jubilee Bank Holiday
Celebrations - was particularly strong, with LFL sales up in excess
of 20% versus 2019. Whilst this is clearly a one-off event, it was
great to see customers coming back to our pubs in force. Each pub
organised its own activities and events, enhancing the
individuality of the Group's estate.
Following the delays caused by the pandemic, we are delighted to
have recently opened The Oyster House in Mumbles and The Tivoli in
Cambridge. Initial trading is encouraging at both sites. Two high
quality additions to the portfolio, we are confident that in time
they will be amongst our top performing assets within the estate.
We are also benefitting from investments where we have either
refurbished or achieved capacity gains, such as The Hoste and The
Cliftonville Hotel. In addition, our new all-day trading concept in
Bury St Edmunds, Damson and Wilde, is expected to open next week.
Progress is being made on our remaining development at The Nest in
Bath which is anticipated to open in August.
We continue to seek ways of mitigating the increased cost
inflation facing the wider sector and have reviewed our cost base
with renewed vigour, with particular focus on labour scheduling to
maximise sales and efficiency. Control of energy usage and
procurement remains a key focus from both environmental and cost
perspectives and we continue to evaluate our menu offering to
provide best value and experience for our customers, whilst
delivering great food in a cost-effective way for the Group.
Whilst we are mindful of the many economic challenges and cost
pressures which currently persist, we now have strong sales
momentum across the Group following three months of
restriction-free trading and we are keenly focused on ways to
increase sales further. An example of this is our focus on
promotion of national and local events which are translating into
strong forward bookings, underpinning our confidence in a good
second half performance. We will also benefit from the flexibility
which our low net debt position affords - both in our customer
proposition (making the right decisions on price) - and our ability
to act decisively and quickly on acquisitions to create value. We
remain on track to meet our expectations for the year.
Clive Watson, Executive Chairman of The City Pub Group,
said:
"We continue to see our sales growth reflecting the quality of
our pubs and customer offering. With a strong foundation to build
on, and momentum that has been created through investment in - and
opening of - our development sites, we look forward to an
uninterrupted Summer's trading for the first time in two years.
Despite the macro economic headwinds, recent openings, tight cost
control and a low net debt position leave us well positioned to
continue to develop our business both organically and through
selective high-quality acquisitions during the rest of the year as
opportunities arise."
The City Pub Group is pleased to announce its inclusion in the
Official Platinum Jubilee Pageant Commemorative Album which can now
be ordered here:
https://stjamess.org/products/the-official-commemorative-album.
Enquiries:
City Pub Group Via Instinctif Partners
Clive Watson, Chairman
Holly Elliott, CFO
Instinctif Partners
Matthew Smallwood
Justine Warren +44 (0) 20 7457 2020
Liberum (Nomad & Broker)
Chris Clarke
Edward Thomas
K ane Collings +44 (0) 20 3100 2000
P eel Hunt (Joint Broker)
George Sellar
Andrew Clarke +44 (0) 203 128 8789
8 June 2022
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