TIDMCPC
RNS Number : 1338N
City Pub Group PLC (The)
21 September 2023
The City Pub Group PLC
(the "City Pub Group", the "Company" or the "Group")
INTERIM RESULTS FOR THE 26 WEEK PERIODED 25 June 2023
The City Pub Group is pleased to announce its unaudited results
for the 26 week period to 25 June 2023. The Group operates a
predominately freehold estate of 42 trading pubs and in addition
has recently acquired a majority shareholding in Mosaic Pubs which
have 9 pubs located in London and Birmingham and are predominantly
freehold.
Since the last statement at the AGM in June, the business has
continued to strengthen its financial position and trading has
remained strong. This is despite the poor weather in July and early
August and the continuation of train strikes. The Group enjoys one
of the lowest levels of gearing in the whole hospitality sector
with net debt of only c.GBP8.0m putting the Group in a very strong
position to take advantage of appropriately priced opportunities in
the market. Whilst our continued focus remains on delivering
organic growth, we are currently engaged in negotiations on a
number of acquisitions.
Our strategy to premiumise our offer is delivering increased
sales and across our existing estate we have successfully sought
further labour and purchasing costs efficiencies which have helped
mitigate some, but not all, inflationary pressures. Looking
forward, energy costs, pleasingly, will be considerably lower than
last year with 60% of our energy now hedged to year end.
The second half of the year is traditionally the stronger
trading period which benefits from more sporting activity including
the Rugby World Cup, return of students from the end of September
and the lucrative Christmas trading period. We will benefit from a
53(rd) week in this financial year.
H1 update
-- Positive trading momentum: revenue of GBP31.7 million (H1
2022: GBP26.1 million) and LFL sales up 14%
-- Despite inflationary pressures, pre-IFRS16 adjusted EBITDA*
level maintained at GBP3.3 million (H1 2022: GBP3.4 million). The
comparatives benefited from c.GBP800k of state aid principally
relating to lower VAT rates and business rates
-- Adjusted profit before tax** of GBP0.8 million (H1 2022: GBP1.3 million)
* Pre-IFRS16 Adjusted earnings before exceptional items, share
option charge, interest, taxation, depreciation and
amortisation.
** Pre-IFRS16 Adjusted profit / (loss) before tax is the profit
/ (loss) before tax, share option charge and exceptional items.
Current trading and Outlook
-- Trading across the summer since the half year end has
remained positive and the Group continues to trade in line with
full year expectations.
-- Anticipate continued trading momentum in H2 FY23 which
benefits from a very active sporting calendar. Christmas bookings
are ahead of where they were this time last year.
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 amongst the lowest gearing in the sector. We
look forward to a strong second half - Christmas bookings are
significantly up and the company is well placed to take advantage
of new acquisition opportunities. The Mosaic estate has been
integrated and is showing significant increases in LFL sales. The
economy remains challenging but we are well placed to take
advantage of any future upturn.
21 September 2023
Enquiries:
City Pub Group Today: via Instinctif
Clive Watson, Executive Chairman
Holly Elliott, CFO
Instinctif Partners
Matthew Smallwood +44 (0) 20 7457 2020
Liberum (Nomad & Joint Broker)
Chris Clarke
Edward Thomas +44 (0) 20 3100 2000
Panmure Gordon (UK) Limited
(Joint broker) Simon French
Ailsa Macmaster
Rupert Dearden +44 (0) 20 7886 2500
For further information on City Pub Group pubs visit
www.citypubcompany.com
CHAIRMAN'S STATEMENT
Since my last update at the AGM in June, the Group continues to
strengthen its financial position. Sales volumes are continuing to
improve; debt remains at historically very low levels and
operational efficiencies continue to be delivered. I am pleased to
announce that trading continues to be strong and for the first 6
months of 2023 LFL sales were up by 14% on 2022. The strong LFL
performance is being driven by our strategy to further premiumise
the estate and a continuous, relentless focus on customer
service.
For the first 38 weeks of the year LFL sales are up 12.4% - this
is very encouraging given the wet summer we have recently
experienced and the recent ongoing train strikes. The Group
continues to focus on organic sales growth and believes its
strengthened marketing and sales teams will continue to drive
further optimisation of existing retail space.
Due to the large number of freeholds in the estate, the Group
has strong asset backing and good operating margins. The Company's
debt level is at a historically low level, and its balance sheet is
one of the lowest geared in the hospitality sector. The pub estate
is very well invested requiring limited capital expenditure over
the next 2 years. This will allow the Group to use its free
cashflow to fund further acquisitions and share buybacks.
As the UK economy continues to adjust to higher interest rates,
the Group continues to adopt a measured approach to its expansion
programme. It believes its focus on organic growth and acquiring
c.5 new pubs per annum will stand the business in good stead for
when the economy starts to improve. The Board believes this is the
right approach for a well-financed trading estate of premium pubs
which can deliver sustained growth for shareholders.
Trading Estate
The Group currently operates 42 trading sites (excluding
Mosaic).
Since my last statement in June, we have continued to premiumise
and enhance our existing estate, and we have upgraded the following
pubs at a cost of GBP2m:
- Cliftonville, Cromer - all the bedrooms are now refurbished to
high standard and a new ballroom/function room
- Georgian Townhouse, Norwich - significant improvement to garden and play area
- Bow St Tavern - 4 trading levels have all been refurbished to
increase capacity for group bookings
- Market House, Reading - trading areas refurbished to more group bookings
- Three Crowns, Old Street, Shoreditch - small refurbishment to premiumise the offer
- The Cork, Bath - significant upgrade to the outside trading
area, including more covered areas
Future refurbishments:
- Pontcanna Inn - we now have planning permission for a covered
seating area for over 150 people.
Acquisitions/disposals
The Group acquired a new pub, The Bridge located in Barnes for
GBP0.5m. The purchase completed on 9 January 2023.
The Group disposed of The Yard surrendering the lease with the
sale completing on 24 March 2023.
Mosaic Investments
In June, we succeeded in securing control of Mosaic Pub and
Dining Group Tranche 1 through owning 53% of the equity. City Pub
Group will make a further offer to the remaining shareholders
before the end of the tax year, i.e. April 5(th) 2024. Mosaic
operates 9 high quality pubs of which 6 are in London and 3 in
Birmingham. 7 are freehold and 2 are leasehold. These are being
integrated into the City Pub trading estate. We anticipate future
sales growth from these pubs and cost savings. Whilst the Mosaic
Group is well invested, we anticipate some investment in
refurbishment to enhance trading performance.
Financial Highlights
Summary for the 26 weeks ended 25 June 2023:
-- Revenue up 21% to GBP31.7 million (H1 2022: GBP26.1
million)
-- Pre-IFRS 16 adjusted EBITDA* of GBP3.3 million (H1 2022:
GBP3.4 million)
-- Adjusted profit before tax** of GBP0.8 million (H1 2022:
GBP1.3 million)
-- Reported loss of GBP0.8 million (H1 2022: profit GBP0.1
million)
Key Metrics
----------------- ---------- --------- ---------- -------- ---------
Post IFRS Pre IFRS Post IFRS Pre IFRS
16 16 16 16
26 weeks 26 weeks 26 weeks 26 weeks
to to to to Change
Pre IFRS
25.06.23 25.06.23 26.06.22 26.06.22 16
GBPm GBPm GBPm GBPm %
----------------- ---------- --------- ---------- -------- ---------
Revenue 31.7 31.7 26.1 26.1 21%
Adjusted EBITDA 4.4 *3.3 4.4 *3.4 -3%
Adjusted Profit
before tax 0.8 **0.8 1.2 **1.3 -34%
----------------- ---------- --------- ---------- -------- ---------
*Pre-IFRS16 Adjusted earnings before exceptional items, share
option charge, interest, taxation, depreciation and
amortisation.
**Pre-IFRS16 Adjusted profit / (loss) before tax is the profit /
(loss) before tax, share option charge and exceptional items .
Our strong trading figures are the result of having a premium
well invested pub estate, however it should be noted that the Group
benefited from c.GBP800k of state aid in the form of lower VAT and
lower business rates. The second half of the year is traditionally
the stronger trading period which benefits from more sporting
activity including the Rugby World cup, return of students from
mid-September and the lucrative Christmas trading period. We
benefit from a 53(rd) week in this financial year.
Bank Facilities/NAV
Current net debt is c. GBP.8.0 million and the Director's
valuation of the pub estate, now including the Mosaic Pubs is
c.GBP171 million. Using that valuation as a benchmark, Net Asset
Value is c.155p per share.
We have undrawn credit facilities of GBP26 million, and the
Group operating comfortably within its banking covenants.
ESG
The ESG Committee, established in 2021, chaired by Emma Fox,
continues its work realising the Group's ESG Strategy to operate as
a responsible and transparent business. The Company continues to
engage with ESG consultancy, Inspired, to produce ESG reporting for
the third year, including an annual ESG Report, reporting against
the recommendations of the Task Force on Climate-Related Financial
Disclosures (TCFD) and a standalone TCFD Report. Both the ESG
Report and TCFD Report are available on the Company's website. As a
PLC, the Company also complies with Energy Saving Opportunity
Scheme (ESOS) and reports annually under Streamlined Energy and
Carbon Reporting (SECR), which enables the Group to assess and
report on energy usage, associated emissions, energy efficiency
action and energy performance. City Pub Group voluntarily
participates in Carbon Disclosure Project (CDP), which helps us
measure and manage our environmental impacts. This year's
disclosure will be available in early 2024.
The ESG Committee meets at least bi-annually to monitor and
evaluate various ongoing projects under the ESG strategy,
including:
- CAPEX and behavioural change energy efficiency project
- Community engagement initiatives
- Charitable work
- Mandatory and voluntary ESG reporting
- Development of ESG policies
- Stakeholder engagement with the Company's ESG journey
Net Zero
The Board agreed to set an ambitious target of being Net Zero by
2040, ahead of Government's commitment of 2050. We further plan to
achieve Net Zero for operational emissions (Scope 1&2) by 2035,
with great progress being made thanks to the commitment to
procuring 100% renewable electricity. We are continuously investing
in energy saving solutions to further cut energy use and phase out
natural gas from our pubs. Ongoing projects include, smart
metering, cellar and refrigeration sensors, secondary glazing and
engagement workshops with pub managers.
Share Buybacks/Dividends
Since starting the Share Buyback Programme the Group has
purchased c.1.6m shares (c.1.5% of the issued share capital) at a
cost of c.GBP1.3m. The Group will continue the Share Buyback
Programme whilst the value of the shares continue to trade at large
discounts to NAV.
Industry Issues
Energy prices have continued to fall, resulting in our energy
bill for this financial year reducing by GBP1m from GBP3m in 2022
to GBP2m. The Group has hedged 60% of its energy cost until year
end, minimising any future risks.
High food inflation has impacted margins. We also anticipate
that labour costs will continue to rise in line with general
inflation, meaning that the Group continually has to look at labour
saving measures across its operations and head office to mitigate
rising employee costs. The government continues to tax our industry
particularly harshly with its recent duty increases on wine,
spirits and bottled beer. Business rates continue to discriminate
against businesses that operate from premises in city centres and
other urban areas. We continue to call on the Government to address
the unfairness in the business rates system where pubs pay
considerably more as % of sales than big online retailers.
Outlook
The Group remains in a very strong financial position with low
levels of bank debt and operational gearing, as well as owning a
predominantly freehold pub estate (63%). From a retail perspective,
we continue to premiumise our offer and aim to achieve further
organic growth from the existing estate. We seek to become as
efficient as possible without compromising our levels of
hospitality through further savings across the estate, whether it
be better use of energy as a result of our ESG approach, better
labour scheduling or improved development of our food menus.
The market for pubs has now become more realistic and whilst our
continued focus remains on delivering organic growth, we are
currently engaged in negotiations on a small number of
appropriately priced acquisitions.
The ambition within City Pub Group remains strong. We have an
experienced and committed head office team whose focus is to make
City Pub Group one of the best independent pub retailers on the
market. All our retail staff are incentivised with a weekly bonus
which not only helps improve their renumeration but encourages them
to engage in an entrepreneurial way.
The pub sector, despite all challenges it has faced in the last
3-4 years, remains resilient. Undoubtedly, there will be winners
and losers going forward. Those pub groups that embrace
technological change will be able to further increase their market
share and increase returns for their shareholders. As a Group we
are focused on being innovative, improving sales per square foot,
generating a high level of operating margins and retaining a strong
freehold backed balance sheet with low levels of bank debt.
The Group continues to improve its financial strength - it has a
clear vision of where it wants to be over the medium term. We are
targeting an estate of c.60 quality pubs located in some of the
greatest cities across England and South Wales.
City Pub group has become very adept at reacting quickly where
we need to, to minimise risk and take advantage of
opportunities.
Bookings for H2 FY23 are looking strong, particularly around the
Rugby World Cup and the important Christmas trading period and I
look forward to updating shareholders with our trading statement in
January 2024.
Clive Watson
Executive Chairman
21 September 2023
Consolidated Statement of Profit or Loss
For the 26 weeks ended 25 June 2023
Unaudited Unaudited Audited
26 weeks 26 weeks
ended ended 52 weeks ended
25 June 25 December
2023 26 June 2022 2022
Notes GBP'000 GBP'000 GBP'000
Revenue 31,650 26,127 57,793
Costs of sales (7,755) (6,285) (14,063)
---------- --------------- -----------------
Gross profit 23,895 19,842 43,730
Other operating income 2 70 184 239
Administrative expenses (23,957) (19,350) (42,542)
---------- --------------- -----------------
Operating profit 8 676 1,427
Reconciliation to adjusted
EBITDA*
Operating profit 8 676 1,427
7
Depreciation & 8 2,713 2,571 5,174
Share option charge 971 419 1,042
Exceptional items 3 664 714 2,439
*Adjusted earnings before
exceptional items, share
option charge, interest,
taxation and depreciation 4,356 4,380 10,082
---------------------------------
Share of losses of associates
and joint ventures (225) (76) (157)
Finance costs (598) (523) (1,054)
---------- --------------- -----------------
(Loss)/profit before tax (815) 77 216
Tax credit 4 - - 735
(Loss)/profit for the period
and total comprehensive
income (815) 77 951
========== =============== =================
(Loss)/earnings per share
Basic (loss)/earnings per
share (p) 5 (0.79) 0.07 0.92
========== =============== =================
Diluted earnings per share
(p) 5 n/a 0.07 0.89
========== =============== =================
All activities comprise continuing operations.
The accompanying notes are an integral part of these interim
financial statements.
Consolidated Statement of Comprehensive Income
For the 26 weeks ended 25 June 2023
Unaudited Unaudited Audited
26 weeks 26 weeks 52 weeks
ended ended ended
25 June 26 June 25 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
(Loss)/profit for the period (815) 77 951
Other comprehensive income
Items that will not be reclassified
to profit or loss
Changes in the fair value of
equity investments at fair
value through other comprehensive
income (105) (225) (494)
Income tax relating to these
items 26 56 123
Other comprehensive income
for the period, net of tax (79) (169) (371)
---------- ---------- ------------
Total comprehensive income
for the period (894) (92) 580
========== ========== ============
All of the total comprehensive income for the period is
attributable to the owners of The City Pub Group plc and all arise
from continuing operations.
The accompanying notes are an integral part of these interim
financial statements.
Consolidated Statement of Financial Position
As at 25 June 2023
Unaudited Unaudited Audited
26 weeks 26 weeks
ended ended 52 weeks ended
26 June 25 December
25 June 2023 2022 2022
Assets Notes GBP'000 GBP'000 GBP'000
Non-current
Intangible assets 2,880 2,250 2,450
Property, plant and equipment 7 99,576 93,641 99,065
Right-of-use assets 8 17,228 16,354 17,565
Deferred tax assets 1,869 1,071 1,843
Financial assets at fair
value through OCI 281 655 386
Investments in associates
& joint ventures 7,413 6,068 6,004
Total non-current assets 129,247 120,039 127,313
--------------- ------------ -----------------
Current
Inventories 1,101 921 1,152
Trade and other receivables 4,080 4,439 3,659
Cash and cash equivalents 5,813 3,805 4,121
Total current assets 10,994 9,165 8,932
--------------- ------------ -----------------
Total assets 140,241 129,204 136,245
--------------- ------------ -----------------
Liabilities
Current liabilities
Trade and other payables (16,850) (11,758) (13,931)
Financial liabilities -
lease liabilities (2,040) (1,863) (1,915)
Total current liabilities (18,890) (13,621) (15,846)
--------------- ------------ -----------------
Non-current
Borrowings (9,744) (5,630) (7,657)
Financial liabilities -
lease liabilities (16,238) (15,078) (16,674)
Deferred tax liabilities (2,445) (2,460) (2,445)
Total non-current liabilities (28,427) (23,168) (26,776)
--------------- ------------ -----------------
Total liabilities (47,317) (36,789) (42,622)
--------------- ------------ -----------------
Net assets 92,924 92,415 93,623
=============== ============ =================
Equity
Share capital 9 31,281 31,276 31,276
Share premium 9 59,475 59,475 59,475
Own shares (2,015) (3,272) (3,359)
Other reserve 1,231 2,434 2,855
Retained earnings 2,952 2,502 3,376
Total equity 92,924 92,415 93,623
=============== ============ =================
The accompanying notes are an integral part of these interim
financial statements.
Consolidated Statement of Changes in Equity
For the 26 weeks ended 25 June 2023
Share Share Own Other Retained
capital premium shares reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at
26 December
2021 (Audited) 31,276 59,475 (3,272) 2,184 2,425 92,088
Employee share-based
compensation - - - 419 - 419
Transactions
with owners - - - 419 - 419
--------- --------- --------- --------- ---------- ---------
Profit for
the period - - - - 77 77
Other comprehensive
income (169) - (169)
Total comprehensive
income for
the period - - - (169) 77 (92)
--------- --------- --------- --------- ---------- ---------
Balance at
26 June 2022
(Unaudited) 31,276 59,475 (3,272) 2,434 2,502 92,415
========= ========= ========= ========= ========== =========
Employee share-based
compensation - - - 623 - 623
Purchase of
own shares - - (87) - - (87)
Transactions
with owners - - (87) 623 - 536
--------- --------- --------- --------- ---------- ---------
Profit for
the period - - - - 874 874
Other comprehensive
income - - - (202) - (202)
Total comprehensive
income for
the period - - - (202) 874 672
--------- --------- --------- --------- ---------- ---------
Balance at
25 December
2022 (Audited) 31,276 59,475 (3,359) 2,855 3,376 93,623
========= ========= ========= ========= ========== =========
Employee share-based
compensation - - - 971 - 971
Share options
exercised or
expired - - 2,125 (2,516) 391 -
Purchase of
own shares - - (781) - - (781)
Issue of new
shares 5 - - - - 5
Transactions
with owners 5 - 1,344 (1,545) 391 195
--------- --------- --------- --------- ---------- ---------
Loss for the
period - - - - (815) (815)
Other comprehensive
income - - - (79) - (79)
Total comprehensive
income for
the period - - - (79) (815) (894)
--------- --------- --------- --------- ---------- ---------
Balance at
25 June 2023
(Unaudited) 31,281 59,475 (2,015) 1,231 2,952 92,924
========= ========= ========= ========= ========== =========
The accompanying notes are an integral part of these interim
financial statements.
Consolidated Statement of Cashflows
For the 26 weeks ended 25 June 2023
Unaudited Unaudited Audited
26 weeks 26 weeks
ended ended 52 weeks ended
26 June 25 December
25 June 2023 2022 2022
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
(Loss)/profit for the period (815) 77 951
Taxation - - (735)
Finance costs 598 523 1,054
Results from equity accounted
investment 225 76 157
------------- ---------- ---------------
Operating profit 8 676 1,427
Adjustments for:
Depreciation 2,713 2,571 5,174
Gain on disposal of property,
plant and equipment (123) - (58)
Share-based payment charge 971 419 1,042
Negative goodwill amortisation (257) - -
Impairment 413 - 627
Change in inventories 51 127 (104)
Change in trade and other receivables (537) (1,108) (668)
Change in trade and other payables 2,978 (454) 1,723
------------- ---------- ---------------
Cash generated from operations 6,217 2,231 9,163
Tax received 130 - 53
Net cash generated from operating
activities 6,347 2,231 9,216
------------- ---------- ---------------
Cash flows from investing activities
Purchase of property, plant and
equipment (2,709) (4,715) (10,262)
Acquisition of new property sites (550) - (2,045)
Purchase of investments & associates
(net of cash acquired) (1,359) (2,522) (2,539)
Proceeds from disposal of property,
plant and equipment - 16,687 16,977
Net cash (used in)/generated
from investing activities (4,618) 9,450 2,131
------------- ---------- ---------------
Cash flows from financing activities
Purchase of own shares (781) - (87)
Proceeds/(repayment) of borrowings 2,000 (19,151) (17,169)
Principal elements of lease payments (658) (648) (1,362)
Interest paid (includes implied
interest under IFRS 16) (598) (587) (1,118)
Net cash used in financing activities (37) (20,386) (19,736)
------------- ---------- ---------------
Net change in cash and cash equivalents 1,692 (8,705) (8,389)
Cash and cash equivalents at the
start of the period 4,121 12,510 12,510
Cash and cash equivalents at
the end of the period 5,813 3,805 4,121
============= ========== ===============
The accompanying notes are an integral part of these interim
financial statements.
Notes to the Financial Statements
For the 26 weeks ended 25 June 2023
1 Basis of preparation
This interim report was approved by the board on 21 September
2023. The interim financial statements are unaudited and are not
the Group's statutory accounts as defined in section 434 of the
Companies Act 2006.
The consolidated interim financial statements have been prepared
under IFRS as adopted by the United Kingdom and on the basis of the
accounting policies set out in the statutory accounts of The City
Pub Group plc, for the period ended 25 June 2023. The financial
statements have not been prepared (and are not required to be
prepared) in accordance with IAS 34: 'Interim Financial Reporting'.
They do not include any of the information required for full annual
financial statements and should be read in conjunction with the
consolidated financial statements of the Group for the period ended
25 December 2022.
Statutory accounts for the period ended 25 December 2022 have
been delivered to the Registrar of Companies. These accounts
contain an unqualified audit report under Section 495 of the
Companies Act 2006, which did not make any statements under Section
498 of the Companies Act 2006.
The interim report is presented in Great British Pounds and all
values are rounded to the nearest thousand pounds, except where
otherwise indicated.
This interim report has been prepared in accordance with the AIM
Rules issued by the London Stock Exchange.
2 Other operating income
During the interim period the Group has continued to receive
Government grants in relation to grants received from Councils.
Further analysis of other operating income is set out below.
Unaudited Unaudited Audited
26 weeks 26 weeks 52 weeks
ended ended ended
25 June 25 December
2023 26 June 2022 2022
GBP'000 GBP'000 GBP'000
Other government grants 70 184 239
70 184 239
============ =============== ============
3 Exceptional items
Unaudited Unaudited Audited
26 weeks 26 weeks 52 weeks
ended ended ended
25 June 25 December
2023 26 June 2022 2022
GBP'000 GBP'000 GBP'000
Pre opening costs - 295 575
Impairment of a pub site 413 - 627
Receivables impairments - 89 -
Release of negative goodwill (257) - -
Site disposals 147 - 962
Other non recurring items 361 330 275
664 714 2,439
============ =============== ============
For the purposes of this interim announcement and annual report
and accounts, Exceptional items are highlighted as part of the use
of alternative non-Generally Accepted Accounting Practice
('non-GAAP') financial measures which are not defined within IFRS.
The Directors use these measures in order to assess the underlying
operational performance of the Group and as such, these measures
are important and should be considered alongside the IFRS
measures.
All the exceptional items are recorded within administrative
expenses line in the statement of profit or loss.
4 Tax charge on (loss)/profit on ordinary activities
During the period ended 25 June 2023, deferred tax arising on
accelerated capital allowances is considered to be offset by
increases in available tax losses and therefore no tax charge or
credit has been recognised in the consolidated profit and loss (26
June 2022: GBPnil).
5 (Loss)/earnings per share
Unaudited Unaudited Audited
26 weeks
ended 26 weeks ended 52 weeks ended
25 December
25 June 2023 26 June 2022 2022
GBP'000 GBP'000 GBP'000
(Loss)/earnings for
the period attributable
to Shareholders (815) 77 951
============= =============== ===============
(Loss)/earnings per
share:
Basic (loss)/earnings
per share (p) (0.79) 0.07 0.92
Diluted earnings per
share (p) n/a 0.07 0.89
Weighted average number Number of Number of Number of
of shares: shares shares shares
Weighted average shares
for basic EPS 103,246,583 103,868,430 103,845,560
Effect of share options
in issue n/a 5,054,524 3,524,886
Weighted average shares
for diluted earnings
per share n/a 108,922,954 107,370,446
============= =============== ===============
6 Dividends
The Directors did not propose a dividend in relation to the year
ended 25 December 2022 as the Directors believe share buybacks are
an efficient way of creating shareholder value (2021: Nil).
7 Property, plant and equipment
Group
Freehold Fixtures,
& leasehold fittings
property and computers Total
Cost GBP'000 GBP'000 GBP'000
At 26 December 2021 (Audited) 96,612 34,947 131,559
Additions 1,169 3,610 4,779
Disposals (17,121) (2,982) (20,103)
------------- --------------- ----------
At 26 June 2022 (Unaudited) 80,660 35,575 116,235
Additions 358 5,189 5,547
Acquisitions 1,395 450 1,845
Disposals (584) (803) (1,387)
At 25 December 2022 (Audited) 81,829 40,411 122,240
------------- --------------- ----------
Additions 37 2,672 2,709
Reclassifications 6,254 (6,254) -
Acquisitions 40 80 120
Disposals (555) (1,191) (1,746)
------------- --------------- ----------
At 25 June 2023 (Unaudited) 87,605 35,718 123,323
------------- --------------- ----------
Depreciation
At 26 December 2021 (Audited) 6,007 18,185 24,192
Provided during the period 423 1,397 1,820
Disposals (1,294) (2,124) (3,418)
At 26 June 2022 (Unaudited) 5,136 17,458 22,594
Provided during the period 312 1,499 1,811
Impairment 189 47 236
Disposals (813) (653) (1,466)
At 25 December 2022 (Audited) 4,824 18,351 23,175
------------- --------------- ----------
Provided during the period 407 1,556 1,963
Impairment 413 - 413
Disposals (582) (1,222) (1,804)
At 25 June 2023 (Unaudited) 5,062 18,685 23,747
------------- --------------- ----------
Net book value
At 25 June 2023 (Unaudited) 82,543 17,033 99,576
============= =============== ==========
At 25 December 2022 (Audited) 77,005 22,060 99,065
============= =============== ==========
At 26 June 2022 (Unaudited) 75,524 18,117 93,641
============= =============== ==========
At 26 December 2021 (Audited) 90,605 16,762 107,367
============= =============== ==========
17 freeholds were independently valued in March 2022. These
properties were valued at c.GBP98m and are valued at historic cost
per the financial statements. The uplift per the independent
valuation is not reflected.
8 Right-of-use assets
Right-of-use
assets
Net book value GBP'000
At 26 December 2021 (Audited) 17,875
Additions -
Disposals (770)
Depreciation (751)
At 26 June 2022 (Unaudited) 16,354
-------------
Additions 3,568
Disposals (1,174)
Impairment (391)
Depreciation (792)
-------------
At 25 December 2022 (Audited) 17,565
-------------
Additions 997
Disposals (584)
Depreciation (750)
-------------
At 25 June 2023 (Unaudited) 17,228
-------------
The addition during the current period relates to the purchase
of The Bridge, Barnes. The disposal during the current period
relates to The Yard, Chelsea, and therefore no ongoing ROU asset
required.
9 Share capital
During the period the Group issued 500,000 ordinary shares with
a nominal value of GBP0.01, which were unpaid at the period end
(2022: GBPnil).
10 Share buyback
As at 25 June 2023, the Group has purchased 1.064m shares at a
cost of c.GBP863k. The Group will continue the Share Buyback
programme if the level of shares continues to trade at large
discounts to NAV.
11 Grant of options
On 21 June 2023, the Group granted awards in the form of nil
cost options over 1,585,000 ordinary shares of 1p each to certain
Directors and employees. The Options have been granted under the
Company's Long Term Incentive Plan (LTIP), are exercisable in 2026
following release of the Company's audited accounts for the year
ended 31 December 2025, are subject to performance conditions
relating to the Company's EBITDA profitability (pre-IFRS 16) and
have a 10-year term.
12 Events after the reporting period
During April 2023, the Group increased its' shareholding in
Mosaic Pub and Dining (Tranche one of companies - The Sovereign
(City) Pub Company Limited, The Galaxy (City) Pub Company Limited
and The Pioneer (City) Pub Company Limited) from 36% to 44% for a
consideration of cGBP1.6m. Further shares were purchased in May
2023 for a consideration of cGBP400k, bringing the total
shareholding up to 46%.
Following the period ended 25 June 2023, the Group acquired
further shares and now own a 53% shareholding in Mosaic Tranche 1.
The Group gained operational control of Mosaic Tranche 1 from 26
June 2023, due to the appointment of Rupert Clark and Holly Elliott
as directors of the companies.
The Group continued the share buyback programme following the
period ended 25 June 2023 and purchased a further 547,299 shares at
a cost of GBP479,703.
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END
IR KBLFLXKLZBBD
(END) Dow Jones Newswires
September 21, 2023 02:00 ET (06:00 GMT)
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