NewRiver has said its pub portfolio has continued to deliver high occupancy and robust cash returns, in the first quarter of 2019.
It delivered like-for-like EBITDA of +5.5% per pub in Q1, driven by its first full quarter of scale-based synergies since the integration of Hawthorn Leisure in January.
Occupancy rates remained high at 97.6% (March 2019: 97.9%) across tis 661 community pubs.
NewRiver said it believed there were opportunities to extract further value through risk-controlled development. It is currently on site with the redevelopment of the Sea View Inn in Poole, Dorset to deliver a scheme comprising 10 apartments and a Co-op convenience store.
Allan Lockhart, chief executive, said: “We have made a good start to the year despite continued retail sector headwinds, delivering robust operational metrics, with occupancy and average rents remaining stable, footfall outperforming the benchmark, and long-term leasing deals ahead of previous passing rent and estimated rental values.”
He added: “Looking ahead, we remain confident that our diversified portfolio, underpinned by affordable and therefore sustainable rents, and a focus on convenience, value and services, alongside our identified growth strategies, will position us well to weather the current challenges and pursue value-creating opportunities.”
Precis
Pub portfolio continues to deliver robust cash returns for NewRiver
NewRiver has said its pub portfolio has continued to deliver high occupancy and robust cash returns, in the first quarter of 2019. It delivered like-for-like EBITDA of +5.5% per pub in Q1, driven by its first full quarter of scale-based synergies since the integration of Hawthorn Leisure in January. NewRiver said it believed there were opportunities to extract further value through risk-controlled development.
