Capital Pub Company sees 24% rise in revenues
The Capital Pub Company has seen a 24% rise in revenues for the 12 months to 26 March compared with the previous year, it announced in a pre-close trading update today.
Capital, which has acquired three new pub properties in south London so far this year, said that London has remained a buoyant market in which to trade and that its pubs have performed strongly.
The New Cross House - formerly the Goldsmiths Tavern - was acquired in February and will re-open on 9 May after a refurbishment.
The £1.37m purchase of the Rye in Peckham is expected to complete this week, and refurbishment of the recently acquired Mansion in Dulwich, for £1.5m, will shortly get under way with the pub due to re-open in mid September.
The pub company, which has 34 pubs in its portfolio, said it now benefits from a more "conservative balance sheet" with gearing halved to below 60% and net debt of about £22 million at the year end.
As a result of what Capital describes as "excellent progress", the company board has decided to resume the payment of dividends to shareholders.
Chief executive Clive Watson (pictured) said: "The company is trading well, the balance sheet is robust and the time is right to resume paying dividends to our shareholders."
Full year results will be announced on 21 June.
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Capital Pub Company's revenues jump 23% >>
By Janie Stamford
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