16 July 2013 – AGM statement
The group has confirmed that trading in the first quarter of the financial year has started slowly as expected although this is slowly improving. The current financial year is likely to be another difficult year not helped by the Government’s Statutory Code for Pub Companies and the possible adverse impact the proposals for beer flow monitoring this may have on the company. Until the outcome of this is known it seems that the shares will remain under some pressure although the fact that the chairman has bought 28,000 shares at 70.9p is a positive. We maintain our recommendation of BUY.