Pubs'n'Bars' predominantly managed pub estate continues to perform well, with like-for-like sales up 5% due to an improved performance by its accommodation and pub machine interests. Full-year pre-tax profits rose from £1m to £1.2m on turnover up from £12.9m to £14.8m, although this was below expectations. Earnings per share hit 4.4p, of which 1.5p has been earmarked for dividend payouts. However, the board has been frustrated by a lack of suitable acquisition opportunities, having added a 'disappointing' three sites to the portfolio during the period. The management is considering releasing some freehold pubs to circling developers in order to reinvest the proceeds in acquisitions. Net assets (excluding intangibles) at the year-end to December were £8.7m - a decent asset backing for a solid business.