UK's City Pub Group gains on strong sales, controlled costs

City Pub

07/06/2023 10:11

** Shares of City Pub Group  CPC.L  up as much as 3.6% to
nearly 17- month high of 102p 
    ** The southern England and Wales-focused pub chain posts
20% rise in sales for 23 weeks ended June 4 
    ** Says costs continue to be within expectations, with
abatement in some areas
    ** Sees strong sales trend to continue into H2, benefit from
new pub openings  
    ** CPC secures controlling stake in pub chain Mosaic Pub and
Dining for 700,000 pounds ($870,240), bringing total investment
to 7 mln pounds 
    ** Peel Hunt raises target price to 130p from 120p
    ** Brokerage raises annual pre-tax profit forecast by 9%,
says further forecast upgrades possible 
    ** Stock has risen nearly 36% so far this year  


    
   


($1 = 0.8044 pounds)

 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))