23rd Sep 2021 12:58
City Pub Group PLC - London-based pub operator - Reports revenue of GBP8.9 million for half-year to June 27, sliding from GBP12.1 million year-on-year. However, pretax loss narrows to GBP1.6 million from GBP4.2 million as administrative expenses fall to GBP12.6 million from GBP15.6 million. Says it has traded well since the lifting of Covid restrictions, and since May 17, when pubs could reopen for indoor trade, sales are above 90% of pre-virus levels. "Since the beginning of September, the return to work has gathered pace and this has helped increase trade in our city centre sites," it adds.
Separately, City Pub Group says it has bought the Cliftonville Hotel in Cromer, Norfolk for GBP1.7 million. Of the consideration, GBP1.6 million is payable in cash and the rest in shares.
"We are delighted to have secured the acquisition of this iconic site in Cromer. It is a fantastic addition to the City Pub Group estate, further developing our presence in the North Norfolk region and adds to our coastal presence," says Chair Clive Watson.
Current stock price: 116.90 pence
Year-to-date change: up 34%
By Lucy Heming;Â [email protected]
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