11th May 2021 10:39
(Alliance News) - City Pub Group PLC on Tuesday said it was in "better shape" than before the pandemic as it prepares to take advantage of pent up demand.
The pub operator swung to a GBP7.6 million pretax loss for the year ended December 27, from a GBP2.2 million profit posted the year prior.
Revenue plummeted 57% year-on-year to GBP25.8 million from GBP60.0 million, after the pandemic and forced closures battered trading.
The group reported some signs for optimism, saying sites had witnessed "encouraging trading since outdoor reopening", with 24 pubs currently open and trading at 77% of 2019 levels. City Pub Group also announced it remained on track to open 45 sites on May 17, with a significant number of bookings already taken.
Executive Chair Clive Watson said: "The business has been significantly improved over the past year placing us in an excellent position to take advantage of the pent-up demand as the country reopens.
"The early signs since we have been allowed to trade outdoors have been very heartening and it has been great to bring back our immensely talented staff and to see our customers enjoying our pubs once again.
"We are a streamlined, well-invested business with a first-rate customer offer. Our pub estate is unique in terms of quality and, with the step change in the business, we have an ideal platform to grow successfully in the future."
City Pub Group said it would not be paying a dividend for the year and would only resume payments when it no longer receives Covid-related state aid.
Shares were up 4.0% at 134.72 pence each in London on Tuesday morning.
The annual general meeting will be held on June 28.
By Will Paige; [email protected]
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