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Commercial Property News
Capital Pubs reveal FY profits up 32%
Capital Pub Company Plc, London's largest independent free-house operator, today reported in it's preliminary FY results for the year to March 27th. that it's pre-tax profits are up 32% from £2.1 million to £2.7 million form sales up 11% at £22 million. London has remained a more buoyant marketplace than the rest of the UK for pub operators.
The 25 pub estate was increased to 28 pubs which were revalued at £66.6million (2009 £69.7million), the overall impact of which reduced net assets by £1.8million.
Since the year end, net debt has reduced to £24million following the sale of the Marquis of Granby and a £1.7million placing. Gearing reduced to 70%
Clive Watson, Chief Executive of Capital Pub Company Plc, said:
"Again Capital has delivered another excellent result and outperformed its peers. The London marketplace has remained strong for those operating high quality pubs with appealing propositions. We are poised to take the next step in our development to expand towards the goal of 45-50 outlets over the next three years.
"Since the start of the new financial year trading has been very strong with the World Cup further boosting sales. We remain optimistic about future prospects."
The 25 pub estate was increased to 28 pubs which were revalued at £66.6million (2009 £69.7million), the overall impact of which reduced net assets by £1.8million.
Since the year end, net debt has reduced to £24million following the sale of the Marquis of Granby and a £1.7million placing. Gearing reduced to 70%
Clive Watson, Chief Executive of Capital Pub Company Plc, said:
"Again Capital has delivered another excellent result and outperformed its peers. The London marketplace has remained strong for those operating high quality pubs with appealing propositions. We are poised to take the next step in our development to expand towards the goal of 45-50 outlets over the next three years.
"Since the start of the new financial year trading has been very strong with the World Cup further boosting sales. We remain optimistic about future prospects."
Wed, 23rd Jun 2010