City Pub Group Plc - AGM Statement
Ahead of today's Annual General Meeting ('AGM'), to be held at Aragon House, 247 New King's Road, Fulham, London SW6 4XG at 12 noon, The City Pub Group plc announces an update on trading for the 19 weeks to 12 May 2019. The Group currently has 45 sites trading. The size of the estate, once pubs are developed and opened, will increase to 50 sites.
· Year on year performance continues to be strong following our annual results announcement on 9 April 2019 and, for the 19 weeks to 12 May 2019, sales were up 35% on last year.
· Since our annual results announcement on 9 April 2019:
o We have completed the acquisition of The Hoste, Burnham Market, North Norfolk, which will continue to trade in its current format. This is a 53 bedroom site with spa, cinema and gym, which is close to our two sites in Norwich;
o Aragon House will fully open to the public next week. Following some delays with planning, the major refurbishment is almost complete. We are very excited about the opening of this prestigious site, which will include 15 new bedrooms;
o We have completed the acquisition of a freehold site in Bath, formerly known as The Nest, which is expected to reopen following significant refurbishment in late 2019 or early 2020;
o Investment and development is ongoing at three additional freehold sites, (Tivoli in Cambridge, The Market House in Reading and our recently acquired pub in Exeter).
· The dividend will be payable on 1 July 2019, subject to approval at the AGM. The proposed dividend is 2.75p per share. The Board would like to remind shareholders that a scrip dividend alternative is available.
Clive Watson, Executive Chairman of The City Pub Group, said:
"We have enjoyed continued strong momentum since the start of the year. Whilst still early in the year, the Board believes the Group is well-placed to meet its expectations for the year as a whole.
We have a range of excellent and high-quality new sites that we have acquired to come on stream. We are continuing to seek further pubs in Southern England and Wales to build the estate and achieve our target of 65-70 sites by mid-2021. We enjoy a strong balance sheet which enables quick and decisive decision making to purchase development sites or existing trading sites that can be improved in a softening market for acquisitions".