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City Pub Group PLC - London-based pub operator - Says trading has been ‘strong’ in the first 23 weeks of the year, ended June 4, with sales up 20% against the previous year. Like-for-like sales are up 13% on 2022. The company adds that like-for-like sales ‘would have been higher’ if not for the recent rail strikes in the UK. It expects this positive trend to continue into the second half of the year as it also benefits from new openings from 2022. Says costs during the period have remained in line with expectations, with ‘clear evidence’ of abatement in some areas. Chair Clive Watson says the company is in ‘good shape’ and remains optimistic for the prospects of the company for the remainder of the year and beyond. City Pub also announces it has secured 52% of the shares in Mosaic Pub & Dining Group through the acquisition of shares in The Galaxy (City) Pub Co Ltd, The Pioneer (City) Pub Co Ltd, and The Sovereign (City) Pub Co Ltd for £700,000. From June 26, the company will assume assume operational control of the pubs in the Mosaic estate which consists of 9 pubs in London and Birmingham. Current stock price: 99.00 pence, up 0.5% in London on Wednesday afternoon 12-month change: up 5.9% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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