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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Greene King - To expand managed pubs business

August 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • GNK
  • Price:
  • 448p
Greene King produced respectable results for the year to 2 May with revenues rising 3% to £984m and pretax profit increasing nearly 4% to £123m. Reflecting last year's 3 for 5 rights issue, eps fell nearly 19% to 43.4p. Of the £207m raised, it has spent £67m on acquiring 28 pubs (plus a further £7.9m post year-end) and £30m on buying back its outstanding company bonds for an average 52 pence in the pound. Year-end net debt fell £210m to £1.35bn.Segmentally, Greene King Retail (pubs that it manages) increased operating profit by 1% to £106.4m as a 3.5% increase in like-for-like sales more than offset a slight decline in operating margins. Greene King invested £44m in the year, £24m on maintenance and £20m on expa ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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