26th Jan 2021 12:44
City Pub Group PLC - London-based pub owner and operator - Revenue for 2020 down 57% year-on-year to GBP25.7 million from GBP60.0 million in 2019 as a result of closures and restrictions on its pub estate of 48 due to the Covid-19 pandemic.
Notes that measures taken means its monthly cash burn has been reduced to around GBP300,000, excluding all government grants with the exception of furlough. Highlights it has enough liquidity into 2022 with GBP5 million of further liquidity credit approved from its lenders under the Coronavirus Large Business Interruption Loan Scheme. Net debt is currently GBP14 million.
Looking ahead, Chair Clive Watson says: "2020 has been a very challenging year, but decisions made since March 2020 with regards to the fundraising, cost control, streamlining of the business, and strengthening of the Board has resulted in a very strong balance sheet, good levels of liquidity, a strengthening of our business model, a more focussed proposition and most importantly, pure determination to go out there and do the business once the pubs reopen."
Current stock price: 101.00 pence, up 7.5% on Tuesday
Year-to-date change: up 15%
By Ife Taiwo; [email protected]
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