Capital reports strong trading
Capital Pub Company has reported a 7% increase in pre-tax profit to £2.1m on turnover up 5% to £19.8m.
Capital, which has 25 London pubs, has complete the refurbishment of the entire estate, spending £1m in the financial year to 28 March.
Clive Watson, chief executive of Capital, said: “This is an encouraging set of results in what has remained a relatively resilient London trading market.
"The group’s pubs have performed well across the estate. With the entire estate now refurbished and the addition of The Bishop in Dulwich to our portfolio, we are confident of another year of progress for the Group.
"We remain focused on maximising the returns from the existing portfolio in order to reduce net debt and be in a position to acquire additional pubs when the time is right.”
The company said its aim is to focus on managing the business through the current economic situation and to reduce bank borrowing - current gearing stands at 90%.
It will also continue to monitor acquisition opportunities, and when the time is right will consider acquiring further pubs.
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