Pub operator and brewer H&H delivered pre-tax profits up 25% to £6m in the six months to March, on turnover up 21% to £30.5m. Earnings per ordinary share increased 29% to 16.7p. Much of this increase (and the pre-tax increase) was down to the relative effect of a property devaluation last year that was put into the profit and loss account. Trading profits actually rose by 19%. House broker Old Mutual analyst Greg Feehely says: 'The shares are more than fairly valued relative to short-term growth prospects.' But he adds that 'H&H remains an attractive asset play, well supported by a heavyweight dividend' (of 5.9p for the interim period and 14.8p for the previous year as a whole). A net asset value of £97.9m supports this, making the shares look a solid hold. They trade at a larger discount to NAV (29%) than most property companies, but with a much better cashflow.