Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** 9 November: Chapel Down Group ITF: England's leading and largest wine producer with an award-winning range of sparkling and still wines, under the Chapel Down brand. The Company owns, leases and sources from 1,023 acres of vineyards in South East England announces its Admission to AIM after its transfer from the Aquis Apex market. The Company will not be raising new capital or providing a s...
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...
City Pubs has started FY23E in a position of strength with a recovered, rebalanced and refined pub estate and de-risked balance sheet. The focus remains on driving organic growth, complemented by bolt-on acquisitions and the imminent integration of Mosaic, which will take total trading pubs from 43 to 52. FY22 prelims were solidly in line and FY23E has started well, with Q1 LFL sales growth of 13% as the completed refurbishments, focus on premiumisation and marketing improvements have driven per...
City Pubs had a strong finish to the year with 4Q22E LFL sales growth of +7.8%, and two further acquisitions taking the estate to 44. This drove FY22E Revenues of £57.6m, inline despite rail strike disruption. Current trading remains solid and £30m of debt headroom adds scope for further acquisitions (subject to strict criteria) giving momentum into FY23E and beyond. We nudge FY22E EBITDA down 4% to £9.6m to account for additional cost inflation/rail disruption but leave FY23E unchanged at £12.6...
Two Directors at City Pub Group bought 68,420 shares at between 58p and 59p. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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