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How would you like the money? jarrow theanine 200mg Spirit shares are around their highest since the group was demerged from the struggling Punch Taverns. Over the first 20 weeks of its year chief executive Mike Tye describes trading as tough but adds the Christmas session was strong. The group's managed pubs increased sales by 2.3 per cent. The leased division was less successful as rent reviews fell due. Many of the rents were previously fixed when the pub business was riding high. Spirit, like a few other pub owners, is experimenting with replacing some lease contracts with franchise deals. So far it has invested in eight franchised outlets and is still selling unwanted pubs. Stockbroker Shore Capital says buy, forecasting pre-tax profits of £56.8m.