City pub group report strong trading for first weeks of 2018

City pub group
City pub group

City pub group (LON:CPC) revealed a promising trading update ahead of its annual Annual General Meeting.

The group said that total sales for the first 18 weeks of the financial year grew 23 per cent, with strong trading recently mitigating the downturn in trade during snow affected weeks.

Since joining the AIM market last year, the group have added 2 more establishments to its total of 44 pubs.

Among others, the group noted that they had recently opened Tell Your Friends, a vegan pub in Parsons Green, alongside The Covent Garden Pub,  London and an additional site in Summertown, Oxford, which is set to undergo re-furbishment.

Vegan Restaurant Tell your Friends was started by two sisters, Lucy Watson and Tiffany Watson, who are best known for their roles in reality tv programme Made in Chelsea on E4.

The restaurant menu includes dishes such as Vegan Fish and Chips, Donuts and a variety of speciality cocktails.

Various restaurants in recent years have taken to catering to the growing popularity of Vegan and Healthy diets, with popular dinning spots such as Wagamama and Byron also including their own Vegan-friendly offerings.

Clive Watson, Executive Chairman, commented on the progress for the year:

“We are pleased that recent trading has bounced back strongly following some tough weeks during the inclement weather earlier this year. Our pubs have strong and relevant customer offerings which is evidenced well by our continuing growth.

We are excited by our new opening pipeline and with the development of those acquired. The strength of our balance sheet enables us to purchase development sites or trading sites, whichever delivers long-term value for the Group. More pubs are currently being appraised and we envisage our pipeline expanding further this year.

We remain confident in our strategy and execution of our plan. Whilst still early in the year and with exciting events to come such as the World Cup, where we should trade well, we are well placed to meet expectations for the year.”

Shares in the group are currently trading up 4.16 per cent as of 15.16 (GMT).