FTSE 250 movers: Investors show thirst for pubs

2nd Jul 2009 13:40

Pubs and brewers were very much in focus Thursday after Greene King profits beat forecasts and it said sales were up at the start of its new financial year.Profit before tax and exceptional items for the 52 weeks ended 3 May fell 15% from the previous year to £118.5m, but that was ahead of the £115m predicted. The recent warm weather helped like-for-like sales at its managed pubs rise 5.2% in the eight weeks to 28 June, and jump 10.2% at its Belhaven pubs in Scotland.Investors are also showing interest in Enterprise Inns, Punch Taverns, Marston's and JD Wetherspoon.Intermediate Capital Group, a leading investor in and manager of buyout debt, strengthened on news of a fully underwritten 7 for 2 rights issue to raise £351m.Specialist computer and video games retailer Game Group is in the doldrums though following a 15.4% drop in like for like sales in the 21 weeks to 27 June.