Shares in Redcape Hotel Group surged almost 20 per cent on Wednesday following a board proposal to delist the pub owner and operator and undertake a $247 million buyback.

The proposal came as Redcape reported a 52 per cent rise in underlying earnings for the past financial year following a bounceback in trading from the prior year’s lockdowns, but with most of its 36 venues closed again because of the NSW lockdown and as the group loses almost $1 million a week in earnings.