Although its board is pleased with its 2019 performance, City Pub Group (CPC) this week said it expects full-year adjusted earnings of between £9.1m and £9.2m – around 15 per cent up on 2018, but below market expectations.
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The pubco blamed the hit to the bottom line on a bevy of final-quarter issues. These included a weaker-than-expected Rugby World Cup period, “political uncertainty culminating in the December election”, “unhelpful weather”, refurbishment delays, rail disruption and tough like-for-like figures from the 2018 festive period.
Analysts at Berenberg immediately cut their 2019 EPS forecast by 12 per cent to 7.54p, and now expect 9.7p this year.
