Spirit Pub Co (SPRT) revealed a pleasing set of figures at the full-year mark, although attention is obviously focused on the improved terms of the takeover offer by industry rival Greene King. The new offer, comprising 0.1322 Greene King (GNK) shares and a cash payment of 8p, values Spirit at 109.5p a share, up from an original offer of 100p a share that was rejected last month. Spirit Pub's shareholders will also get the keep the final dividend payment of 1.5p.
In an increasingly challenging marketplace, Spirit Pub managed to drive up like-for-like sales by 4.4 per cent, while pre-tax profit came in at £60m - an 8 per cent increase on a pro-rata basis. Spirit, which was spun out of Punch Taverns in 2011, also revealed that cash profit per pub had increased by 10 per cent.
| SPIRIT PUB CO (SPRT) | ||||
|---|---|---|---|---|
| ORD PRICE: | 102p | MARKET VALUE: | £672m | |
| TOUCH: | 101-102p | 12-MONTH HIGH: | 102p | LOW: 68p |
| DIVIDEND YIELD: | 2.2% | PE RATIO: | 7 | |
| NET ASSET VALUE: | 110p* | NET DEBT: | 88% | |
| Year to 23 Aug | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2010 | 724 | -163 | -22 | nil |
| 2011 | 734 | -207 | -23 | nil |
| 2012 | 760 | -589 | -85 | 1.95 |
| 2013 | 758 | 69 | 5 | 2.05 |
| 2014 (53 weeks) | 801 | 110 | 15 | 2.22 |
| % change | +6 | +60 | +190 | +8 |
Ex-div: 14 Jan Payment: 10 Feb *Includes intangible assets of £212m, or 32p a share | ||||
