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Shonil Chande
- Shonil Chande
Liberum Research Team
- Liberum Research Team
Liberum Research Team
- Liberum Research Team
Anna Barnfather ... (+2)
- Anna Barnfather
- Nishant Dahad
LIBERUM: City Pub Group* - Continued strong trading, integration and c...
City Pubs released a positive AGM trading statement (23 weeks to 4 June 2023), in which it reports continued strong trading (+13% LFL YoY) as its premiumisation strategy and focus on customer service bears fruit. As anticipated, it has increased its stake in Mosaic (now at 52%, total investment £7m), enabling it to integrate and consolidate these group of companies imminently. This takes its predominantly freehold estate from 43 to 52. Additionally, management confirms that cost pressures contin...
Charlie Campbell ... (+2)
- Charlie Campbell
- Edward Prest
LIBERUM: Housebuilders surveyor - Bananas politics & fruity economics
We update our view on housebuilders in this detailed and considered note, paying most attention to the resilience of house prices and explaining how planning could slow the 2024 recovery. Housebuilders’ shares rose 40% from lows as pessimists’ worst fears were thwarted. The easy money has been made but we expect continued outperformance as demand improves and returns recover. Investors should look past the biggest obstacles of inflation and planning. The big picture still sees inflation cooling ...
