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 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Germanwings plane crash: Video shows co-pilot Andreas Lubitz learning to fly as a teenager
- 3 Vladimir Putin says Russia will fight for the right of Palestinians to their own state
- 4 Germanwings crash: Captain of doomed plane was only 'on board because he changed job to spend more time with his children'
- 5 WrestleMania 31 results: Seth Rollins stuns WWE as he cashes in Money in the Bank contract to claim title from Brock Lesnar
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Children take eight Isis captives to be beheaded in latest propaganda video
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
iJobs Money & Business
£18000 - £20000 per annum: Recruitment Genius: A Client Services Assistant is ...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£32000 - £38000 per annum + benefits: Ashdown Group: A highly successful, inte...
£20000 - £35000 per annum: Recruitment Genius: This multi-award winning foreig...