City Pub Group FY revenues increase as Covid-19 impacts lessen
By Iain Gilbert
Date: Thursday 20 Jan 2022
(Sharecast News) - Pub landlord City Pub Group said on Thursday that it had generated a 38% increase in revenue to £35.4m in 2021 as its locations were less affected by closures and restrictions stemming from the Covid-19 pandemic during the year.
City Pub said a "restriction free" October and November saw trade returning to 2019 levels but while December began "well", with greater pre-booked business than 2019, the emergence and onset of the Omicron variant reduced sales to 85% of 2019 levels during the all-important holiday trading period as the majority of office party bookings were cancelled.
However, the AIM-listed firm stated that its year-end results were still expected to be in line with management expectations.
Looking forward, City Pub highlighted that January was typically a slow month and while it acknowledged that 2022 had also begun as such, in the last ten days the firm said there had been "a significant increase in trade", which it believes to be a result of increased consumer confidence.
"Once office workers return to work, we believe consumer confidence and consequently demand, will continue to further build, helping the Group to grow its pub sales. The pub estate is well balanced, with many of its pubs located in city centres, but also in residential areas and staycation locations. Once tourism starts to recover, the Group will be well placed to maximise sales from its pub estate," said City Pub.
As of 0945 GMT, City Pub shares were up 1.77% at 115.0p.
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10 Lower Thames St,
London EC3R 6EN