City Pub Company, the owner and operator of 32 pubs in Southern England, is delighted to announce its Final Results for the year ended 31 December 2016 reporting significant sales and EBITDA growth and the Company’s maiden dividend of 1.5p.
Financial highlights:
- Total Sales increased by 36.6% to £27.4m (2015: £20.1m)
- Company EBITDA grew 43.4% to £4.1m (2015: 2.9m)
- Operating Profit up 61.5% to £2.4m (2015: £1.5m)
- Maiden dividend of 1.5p
City Pub Company has continued to make significant progress throughout the year acquiring seven pubs with a further three successful acquisitions post the year-end. During 2016 the Company also introduced a profit share scheme where each eligible employee was rewarded with a payment in excess of £500 as a result of the Company’s strong financial performance.
City Pub Company remains on track to seek a listing on the Alternative Investment Market of the London Stock Exchange towards the end of 2017 by which point the Board anticipates the Company operating an estate of 35 high quality pubs, with the potential to expand to more than 50 pubs in the next two to three years.
Clive Watson, Chairman of City Pub CompanyClive Watson, Chairman of City Pub Company, said:
“2016 was a fantastic year for the business during which we expanded our high quality estate and significantly increased revenue and Company EBITDA. Paying our maiden dividend is another milestone and demonstrates the progress made and our strong financial performance.
Importantly, we now have invested in the infrastructure in place to scale and manage an estate in excess of 50 pubs in the coming years, and while there are a number of headwinds in the sector, our exceptional growth will more than mitigate any cost impact.
2017 has started strongly and the Company continues to trade in line with our expectations. We have a pipeline of high quality acquisitions ahead and look forward to the future with real confidence.”