DOUGLAS JACK | NUMIS SECURITIES
Trading has strengthened slightly over the latest six weeks (to 5 January), with managed pub like-for-like sales increasing to 3.8 per cent from 3.5 per cent, aided by an improved trading backdrop. Total sales are up 8.2 per cent. We believe the risk to forecasts remains firmly on the upside.
GEOF COLLYER | DEUTSCHE BANK
A very strong festive period boosted the third quarter performance in all three divisions from the position after the first six weeks of the quarter. This backs up our view of the consumers spending freely over the Christmas/New Year period when they were at their most price-insensitive.
SIMON FRENCH | PANMURE GORDON & CO
Twenty-eight net new sites have been added to the retail estate and operating margin is expected to be in line to slightly ahead of the year prior. The disposal programme in the Pub Partners estate is on track with 81 non-core sites sold year to date. We leave our inline consensus forecast unchanged.