Spirit Pub on track
Shares in Spirit Pub Company rose after the firm announced that it is on track to meet full year expectations.
Shares in Spirit Pub Company rose after the firm announced that it is on track to meet full year expectations.
During the sixteen weeks to 10 December, the company's leased estate division saw a like-for-like sales (LFL) fall in net income, in line with expectations, while the managed estate division saw continued strong sales growth.
Managed estates saw LFL rise 6.2%, food sales up 7.9% and drink sales up 6.1%, in its sixth consecutive quarter of strong sales growth.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Leased LFL net income dropped 3.3%, but the firm assured that this division is a "potential source of growth" as well as a strong source of cash generation.
During the period the firm repurchased £25m of its bonds at a cash cost of £20m.
Mike Tye, who is about to succeed Ian Dyson as Chief Executive Officer said: "We are pleased with the continued progress we have made in the business, as we strive to become the best pub company in the UK.
"We have delivered another quarter of strong growth and have again outperformed the market. While we expect the economic and consumer outlook to be more challenging, we are on track to deliver our full year expectations."
The share price rose 2.47% to 41.50p by 13:30.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Zoopla: House prices slows to 1.4% in May as rate of sales at four year high
The average UK property now costs £268,400, Zoopla says, but some areas of the country are experiencing much higher price growth than others.
-
FCA reveals 'once in a generation' advice changes - what the reforms mean for you
Consumers to get free access to financial advice type help for pensions and investment following proposed changes from the regulator