City Pub Group sees revenue rise despite bad weather and train strikes
- Revenue rose to £31.7m in the first half, up from £26.7m
- The London-listed pub operator’s like-for-like sales also rose 14%
City Pub Group has seen a rise in revenue despite bad weather and continued train strikes.
The London-listed high-end pub company revealed revenue rose to £31.7m in the first half to June 26, up from £26.7m a year earlier.
The company also said comparable sales rose 14 percent despite bad weather in July and early August and continued train strikes.
City Pub Group chairman Clive Watson (pictured) revealed he was expecting “a strong second half”.
Clive Watson, chairman of City Pub Group, said: ‘The company is in a strong position with very low net debt and what we believe is among the lowest leverage in the sector.
‘We expect a strong second half – Christmas bookings have increased significantly and the company is well placed to take advantage of new acquisition opportunities.
“The economy remains challenging, but we are well positioned to take advantage of any future improvements.”
City Pub Group Actions They were down 0.16 per cent at 85.36p in morning trading on Thursday.
Watson co-founded the group in 2011 with fellow entrepreneurs David Bruce and John Roberts after Greene King bought Watson’s last company, Capital Pub Company, for £93 million.
As its name suggests, Capital Pub Company concentrated on running pubs in London, but use of the broader ‘City’ name has given it the ability to buy or establish premises in places such as Exeter, Bath, Bristol, Oxford and Cambridge.
In June, the company revealed it had bought a majority stake in Mosaic Pub and Dining Group, bolstering its high-end pub portfolio across 52 sites across London, Wales and the south of England.
The company bought 52 per cent of Mosaic’s shares and has taken operational control of its ownership of nine pubs in London and Birmingham since June 26.
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