Bottom Line: War brewing after S&N deal
Tuesday 05 July 1994
This promotion was due to the acquisition of the Chef & Brewer chain during the second half, which accounted for most of the group's 21.5 per cent overall growth in profits.
That said, S&N did well to hold its position in a pub and beer market ravaged by declining consumption and a fierce price war.
But S&N's core geographical customers are fortunately positioned far enough way from the fiercest price-war hostilities.
Indeed the purchase of C&B may trigger further fighting between Courage and Bass as S&N slowly introduces its beers into its new acquisition.
The company's 2,000-strong managed-house estate will benefit from an increased proportion of food sales even if its 800 tenancies remain a sticky area.
At the same time Center Parcs holiday villages continue to grow despite the recession in mainland Europe.
Profits may consolidate this year and the share price rise of about 20 per cent of the past 12 months is unlikely to be repeated. But a yield of 4.5 per cent is attractive even if a price/earnings ratio of 14, assuming pounds 266m pre- tax, is a premium rating.
- 1 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 2 US? China? India? The 10 biggest economies in 2030 will be...
- 3 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 4 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
- 5 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
18th century sex toy found in 'toilet of sword fighting school' in Poland
'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...