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Investors ignore snow chaos and toast Greene King and City Pub Group

Greene King and City Pub Group operate a number of sites in London
Greene King and City Pub Group operate a number of sites in London

Investors said cheers to the City Pub Group and Greene King on Thursday, despite both chains admitting the Beast from the East kept punters away from their bars.

AIM-listed City Pub Group warned that snow impacted trading for a “short period” in the first 14 weeks of the year.

Separately, Greene King said the recent bad weather hit sales, particularly at its food-focused sites.

It recorded a 1.8% comparable sales drop for the 49 weeks to April 8.

However, the FTSE-250 brewer praised a strong Easter performance boosted by sporting fixtures, such as the fight between Anthony Joshua and Joseph Parker.

It pleased the Square Mile by predicting full-year pre-tax profits will be in line with expectations of £240 million-£245 million.

Shareholders in the City Pub Group also shrugged off weather woes, and concentrated on full-year revenue growth of 35% to £37.4 million.

Greene King shares rose 34.95p to 499.85p; City Pub Group was up 2.5p to 163p.