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Spirit Pub Co shares up as warm winter boosts sales

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Shares in Spirit Pub Co (LON:SPRT) nudged higher Tuesday as recent sales, notably food, were boosted by one of Britain's warmest winters.

Like-for-like net sales at its managed pubs in the eight weeks to March 1 saw a 6.1% increase, with food sales up 6.7% while drinks rose 5.5% like-for-like.

The pub chain was spun out of Punch Taverns in the summer of 2011, and its brands include Chef & Brewer and Flaming Grill. It operates 800 managed pubs and 470 leased establishments.

In the trading update, the firm said it was also pleased with the performance of its leased estate with like-for-like net income remaining in positive territory.

Chief executive Mike Tye told investors: "Whilst this short eight week period of trading has benefitted from the milder winter weather, our leased estate continues to make positive progress and we are confident that our managed estate will continue to go from strength to strength."

Shares rose 1.53% to 83 pence each.

Quick facts: Spirit Pub Company

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LSE:SPRT
Market: LSE
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