Pubs, settlements and vouchers

Thursday 26 November 2015

FTSE indices opened mildly firmer as traders continued to assess Chancellor George Osborne's Autumn Statement following yesterday's overall positive session and with a quiet day in prospect due to the Thanksgiving holiday in the US and the absence of any economic data in the UK.

“The rise of the gastro-pub has changed the fortunes of pub operator and brewer Marston’s (LSE:MARS),” says AJ Bell Investment Director Russ Mould.

“The group has bounced into the black with a full-year pre-tax profit of £31.3m against a loss of £59.2 last time with its new-build, food-led pubs the core growth driver. Marston’s is on track to open at least 20 new-build pubs in 2016 and has a site pipeline in key regional locations.

“Tesco’s (LSE:TSCO) shares were up in early trading after it agreed to pay $12m to settle a US class action brought over the profits black hole discovered last year. The action was filed in New York by holders of the company's American Depositary Receipts which represent about 2% of the total issued ordinary shares.

“Daily Mail & General Trust (LSE:DMGT) has sold its online voucher business Wowcher to a newly formed company controlled by Exponent Private Equity. DMGT is getting net proceeds of £29m from the deal but it will keep an interest in Wowcher. DMGT is taking a 30% stake in the new company which is also acquiring the UK and Ireland operations of LivingSocial, a complementary business that is approximately half the size of Wowcher.”

These articles are for information purposes only and are not a personal recommendation or advice.