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Pubs'n'Bars

  • BY: Andrew Hore |
  • POSTED: 29/02/2008 |

Accounting changes will mean that Pubs’n’Bars’ 2006 profits will be reduced by more than £1m. 

The pubs operator will have to take any decline in value of its leasehold pubs - below their original cost - through its income statement. It will restate its 2006 figures when it publishes its 2007 results.

Management estimates that there will be a charge of £1.17m in 2006. The 2007 revaluation hasn’t happened yet but management believes the charge could be £650,000 in 2007.

These write-downs shouldn’t affect the company’s ability to pay its dividend because it will still have distributable reserves.

The shares fell 0.5p to 24p. That values the company at £9.52m. Adjusting for the asset write-downs, Pubs’n’Bars should have a net asset value of about £17m.

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