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Capital Pub Company

  • BY: Andrew Hore |
  • POSTED: 23/06/2010 |

Pubs operator Capital Pub Company has reported better than expected figures for the year to March 2010.

Revenues grew 11% to £22m, while underlying profits improved from £2.1m to £2.7m. Management says that trading in the London area has held up better than other parts of the country. Around four-fifths of revenues come from drinks which management believes has helped the pubs perform strongly.

CPC currently owns 28 pubs in the London area and it added three of those pubs last year. CPC wants to increase its estate to around 50 pubs in three years time.

CPC recently sold the freehold to the Marquis of Granby pub and raised £1.7m at 100p a share. This has cut net debt to £23.5m. The majority of the pub freeholds are owned by the company and they could sell more if they need to finance further acquisitions. Cash will also be generated from the existing pubs.

CPC is likely to continue to buy pubs one at a time because of its strict acquisition criteria. They need to be off-high street, have outside drinking and good footfall.

At 106p a share, up 6.5p a share, CPC is valued at £23.6m.

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