Drinkers help Redcape hotels lift payout
Pub operator Redcape said easing coronavirus restrictions were helping trade and investors will be paid a higher fourth-quarter distribution.
Redcape Hotel Group owns 36 pubs across Queensland and NSW. These include the Aspley and Shafston hotels in Brisbane, and the Australian Hotel & Brewery and Minsky's in Sydney.
Pubs and clubs have been allowed more customers and freedoms in recent months as health authorities gain better control of the coronavirus.
The fourth-quarter distribution will increase from 1.83 cents per stapled security to 2.67 cents per stapled security.
The company also upgraded its full-year forecast for underlying earnings from 9.7 cents per stapled security to 10.2 cents per stapled security.
Redcape boss Dan Brady said a community membership program was also resonating with customers.
The program offers credit and discounts once customers register and visit regularly.
Redcape was one of the best improvers early on the share market.
Shares were higher by 5.61 per cent to $1.03 at 1142 AEST.
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