Jennings Brothers
BUYLakeland brewer and North West pub operator Jennings reported solid results for the year to February. Turnover increased 5.4% to £17.24m and pre-tax profits improved 13.5% to £2.85m. InnVentures, the company's leased and tenanted pub division, represents 65% of turnover, which rose 14.7% to £11.3m. During the period, it acquired nine pubs for £3m, bringing the total to 126 pubs. 87% of the estate is now leased and a partnership scheme has been adopted. Due to its 'quality' acquisition stance, purchases have not been as thick and fast as hoped. The free trade, brewing and brands business, also increased its turnover and its latest offering, Cumberland Ale, enjoyed 24% growth. In March, the company relaunched Ward's Best Bitter and its inital distribution to 110 pubs in its native South Yorkshire has been 'encouraging'. Chairman John Rudgard commented that despite the constant talk of consolidation in the industry, the only way to stave off potential offers is by success. However, he did not deny being open to offers. Interestingly in the past year, Cumbrian rival Robinson's Brewery has increased its stake in Jennings by 8.99% to 23.99%. Gearing reached 72.5% but with a 5.3% NAV increase to 258p underpinning the shares and consensus forecasts of £3.1m pre-tax and an EPS of 21p, the prospective p/e of 12 makes this a proposition not to miss.
- Reduce text size Decrease text size
- Increase text size Increase text size
- Print article Print
- Share this article Share
- Email article to a friend Email
Market cap: £27.44m
PE Forecast: 12
Share price: 252.5p
Subscribe today
More breaking news stories.
More extended feature articles.
And a depth of analysis you
can't find anywhere else.
Advertisement
VCT Report 2010
VCT Report 2010 uncovers the money available
for investment in every single VCT, helping you get one step ahead in the race to attract funding for your unquoted, AIM-listed or PLUS-quoted
company.
Order VCT Report 2010 today using this online form
Cash Shells Directory 2010
A comprehensive overview of cash shells on AIM and PLUS, companies that have become a significant feature on the market landscape. For more information and to order, click here or contact our marketing team on 020 7250 7056.
Coverage of AIM, techMARK and PLUS Markets
Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.
Take control of your investments
A full year's subscription to What Investment magazine for £19.95, a whopping 58% off. Get the latest news, features and expert advice on ISAs, Investment Trusts and Funds, SIPPS, Investing for Children and much much
more. Find out more here.
The Financial Times Guide to Personal Tax
is the definitive and most up-to-date guide to completing your self-assessment tax return, making sure that you get it right and on time, and showing how you can save tax. For more information and to order, click here or contact our marketing team on 020 7250 7056.
The AIM Guide Spring 2010
The new, fully updated AIM Guide is now available to buy for only £49.95 (saving you £30).
A 'must-have' for any serious investor or professional interested in the market for young, fast-growing companies. Order your copy today Hurry, as offer ends soon!
Share recommendations and small-cap stock picks
Small-cap and growth company share recommendations on AIM- and PLUS-listed companies. Latest analysts' stock tips and advice on which are the best shares to buy on London's junior stock markets.
Popular Recommendations
Advertisement
Latest Recommendations
Delcam 01/09/2010
Delcam, the international seller of CAD/CAM software to the engineering, aerospace and healthcare sectors among others, is a cash-generative small-cap seeing recovery in its markets.
Antisoma 01/09/2010
Bombed-out biotech play Antisoma is hoping two of its drugs will lead to good fortune after experiencing disaster with lung cancer treatment ASA404.
The Capital Pub Company 31/08/2010
London pub operator The Capital Pub Company is seeing continuing sales growth on the back of a surprisingly resilient market.
Sectors
