City Pub Group shares rose on Tuesday after the company reported its full-year results for 2018.

The company said revenue was up 22% to £45.7 million for the 52-week period until 30 December.

Meanwhile, like-for-like sales increased 1.6%. Adjusted EBITDA was also up 28% to £7.9 million across the period.

The City Pub Group group said it opened 11 pubs in 2018, and it expects to have amassed an estate of 65-70 pubs by mid-2021.

The company also announced a hike in its dividend on the back of the strong year.

City Pub Group revealed a total dividend of 2.75p, an increase of 22%.

Clive Watson, Executive Chairman of The City Pub Group, said:

“Our strategic expansion has continued at pace with the opening of eleven new pubs in 2018 bringing the total to 44. Our performance has been driven by both organic growth and the new pubs coming on stream. Considering the continued strong performance we are delighted to increase our dividend, by 22% for shareholders.

We continue to seek new sites to add to our portfolio and we have already earmarked six new pub openings for this year and are on course to meet our target of doubling the size of the estate to around 65-70 pubs by mid-2021. We believe the combination of further acquisitions, fine tuning the management of our existing estate and the benefits of our new divisional structure will enhance our performance further.

We are positioned to meet the number of well-trailed headwinds, not least the challenges brought through Brexit, and to take advantage of the softening market for acquisitions with our robust balance sheet and strong cash generation.”

Shares in City Pub Group (LON:CPC) are currently up 4.09% as of 12:09PM (GMT).