City Pub Co grew sales by 36.7% in the first nine months of its financial year, with company EBITDA up 38.6%.

Total sales for the period were £19.7m with EBITDA of £2.8m.

The group said recent trading had been in line with budget and since the start of November had been “very encouraging”.

In the last three months the group has refurbished The Althorp on London’s Bellevue Road, opened the Punt Yard in Cambridge and is about the relaunch The Inn on the Beach on Hayling Island.

There are a further four pubs to open next year:

The Smugglers, Brighton, due to open March 2017.

The London Road Brew House, formerly The Varsity, Southampton, due to open February 2017.

The Petersfield, formerly the Back Street Bistro, Cambridge, due to open April 2017.

Another unnamed site due to open May 2017.

The board reiterated its intention to list on the AIM market at the end of 2017 and confirmed it would start a progressive dividend policy for Ordinary Shareholders.

In summary, the board said: “2016 has been a transformational year with Alex Derrick and Rupert Clark continuing to grow their companies and take them forward. Whilst there are some challenges, I am confident that we have the right strategy and right team in place to meet them and to continue to build our estate to in excess of 50 pubs over the next few years. The estate will not just be 50 pubs, it will be 50 great quality pubs, which will continue to generate high levels of profitability for our Shareholders.”