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City Pub annual revenue more than halves as virus restrictions shutter pubs
StockMarketWire.com
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Pub owner and operator The City Pub reported that annual revenue more than halved as the lockdown measures had shuttered its pubs for large parts of 2002.
Revenue fell to £25.7 million in 2020 from £60.0m in 2019, representing a 57% decrease.
The reduction was a 'result of the closures and restrictions on our pub estate for large parts of 2020,' the copany said.
Looking ahead, The company said it expected a rapid return to cash generation and profitability once restrictions were lifted.
The company said it would further reduce its cash burn, which was currently running at about £300,000 per month, and added that it had ample liquidity into 2022.
At 8:06am: (LON:CPC) City Pub Group Plc share price was 0p at 95.5p
Story provided by StockMarketWire.com
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