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LONDON (Alliance News) - Vianet Group PLC said Tuesday that trading in the pub sector in its first quarter was relatively flat but that it remains optimistic in its medium and long-term prospects, and so retained its final dividend for the full-year.
In a statement ahead of its annual general meeting Tuesday the company said that trading in the first quarter of the year has started largely as anticipated with trading in the pub sector remaining flat, ahead of the implementation of a new statutory code for pub tenants.
However, the firm said other business areas have made good progress; Vending Solutions, Vianet's coffee vending telemetry systems, have continued to make further gains and the Vianet Fuel Solutions division is trading profitably, it said.
"The board is pleased that the uncertainty around the statutory code is being lifted as this has had, for some time, a detrimental impact on the group's core beer monitoring business. Whilst the company is satisfied with the outcome, the board remains conscious that the legislative implementation of the wider statutory code may remain a distraction for our customers for a period of time yet," said Chairman James Dickson.
Dickson added that the board is optimistic for the medium and long term prospects of the group, with this confidence is reflected in the decision to maintain the final dividend of 4 pence per share. "The group's progress provides an encouraging outlook for 2015 and the board remains committed to delivering shareholder value," he said.
In June the company reported a fall in pretax profit and revenue for the full-year, as uncertainty surrounding the new statutory code for pub tenants took its toll, coupled with withdrawing from "lower margin work."
Shares in Vianet were trading 1.05% higher at 82.36 pence per share Tuesday morning.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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