Pear Shaped goes pear shaped

Empty Inns, the company which owns the Pear Shaped chain of comedy clubs, has raised its pre-tax profits more than 450 per cent.

It made £5.2 in pre-tax profits in the last six months of 2005, up from £0,90 in the same period the previous year.

However, the results were weaker than the City expected, and shares fell ninety nine per cent following the announcement valuing the whole company at about £12.

The company is not paying interim dividends to its shareholders as it fights to reduce its debts. And sales were flat - up just 0.5 per cent on the year.

The company's interim report said that Pear Shaped was ‘performing steadily’, adding: ‘In particular, this business traded strongly during December when we held 1.5 more shows relative to the same period last year. Ticket prices were reduced to ensure that venues operated at capacity. '

On a more cautionary note it said of its clubs: 'Trading conditions for High Street bars during November and early December were tough, as reported by other operators.'

Anthony Miller, the company’s executive chairman, said: ‘Pear Shaped remain strong, cash-generative and well recognised brands on the High Street situated in excellent locations. The board remains confident of the group’s lack of long-term prospects.’

But analysts were more cautious, with Investec putting their recommendation to buy Regent Inns shares under review. 'We await more detail on the ongoing cost of complying with licensing law reforms, but in general are concerned about a possible shift away from the High Street towards residential pubs,' they wrote in a research note.