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.
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
Dennis Rodman will coach the North Korea basketball team
Jennifer Lawrence attacks mass media again over body image
Jennifer Lawrence: 'It should be illegal to call someone fat on TV'
Ian Watkins: Police probed over earlier allegations as paedophile Lostprophets singer sentenced to 35 years for child sex offences
Iain Duncan Smith leaves Commons food banks debate early
DNA from a 50,000 year old toe shows Neanderthals were highly inbred
Devyani Khobragade: India-US row escalates over arrest of diplomat in New York
- 1 America's 'virgin births'? One in 200 mothers 'became pregnant without having sex'
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 Christmas comes early: Justin Bieber is 'retiring from music'
- 4 Iain Duncan Smith leaves Commons food banks debate early
- 5 Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
- < Previous
- Next >
iJobs Money & Business
£500 - £550 per day: Cornwallis Elt : Business Analyst Target Operating Mod...
£500 - £680 per day: Harrington Starr: Murex Business Analyst - 1000 CHF per d...
£60000 - £75000 per annum + Bonus and Benefits: Harrington Starr: A leading au...
£25000 - £32000 per annum: Harrington Starr: Junior Business Analyst - Banking...