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15th January 2013

Press Release

Spirit Pub Company plc


Interim Management Statement for the 20 weeks to 5th January 2013

Spirit Pub Company ("Spirit") today issuesits Interim Management Statement covering the first 20 weeks of the current financial year.

Highlights

· Managed estate continuing to outperform the market

· Managed infrastructure roll-out completed on schedule

· Leased estate performing in line with expectations

· Leased franchise trials underway

· On track to deliver full year expectations

Managed

· Like-for-like sales +2.3%

· Food Sales +3.3%

· Drink Sales +0.2%

Our Managed pubs have delivered another period of solid growth in a challenging consumer environment and against tough comparatives of +7.1% like-for-like sales growth in the corresponding period last year.

Trading conditions from October through to mid December were very challenging due to the ongoing wet weather but Christmas trading was strong with like-for-like sales up +5.0%1. We continue to outperform the market2 and to invest in our people, brands, properties and infrastructure with the rollout of our new Managed EPOS and back office systems completed on schedule in December 2012. Further productivity benefits are expected now that we have the full estate on the new platform.

1 Christmas trading defined as the three weeks ending 5th January 2013

2 Source: Coffer Peach Business Tracker

Leased

· Like-for-like net turnover -2.1%

· Like-for-like net income -2.9%

While our Leased estate continues to be impacted by prior year rent rebasing, we are seeing improving trends which we expect to continue throughout the year as we pass the anniversary of the rent reviews, the vast majority of which were in the first half of last year. Our focus continues to be on encouraging wider adoption of retail disciplines in our Leased pubs alongside innovation in our operating agreements.



We have invested in eight franchise pubs, five of which carry the John Barras branding and, whilst it is still early days, initial results are encouraging. We have also completed the rollout of the iDraught dispense system across our Leased pubs which should help to drive sales and deliver product quality improvement for our licensees.

We continue to dispose of the underperforming pubs from our Leased estate and a further eight have been sold during the period with disposal proceeds in line with book value.

Mike Tye, Chief Executive, commented:

"We have made a solid start to the year in what remain challenging trading conditions as our guests remain under considerable financial pressure. Our Managed estate performance remains ahead of the market3 and we continue to focus on evolving our brands, offers and infrastructure to bring great value and choice to our guests. Our plans for our Leased estate remain on track as we look to help our licensees to develop their retail offers which we will support with continued innovation such as our franchise trials which are now underway. We continue to perform in line with expectations and we are confident that we have the right foundations in place to realise the full potential of our business."

3Source: Coffer Peach Business Tracker

ENQUIRIES

Spirit Pub Company plc

Tel: 01283 498 158

Matt Worster


Brunswick Group LLP

Tel: 0207 404 5959

Kim Fletcher

Natalia Dyett


This information is provided by RNS
The company news service from the London Stock Exchange
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