...Sector Segment Outlook Comment Pubs Tenanted pubs (mainly wet-led) Stable Some stabilisation but industry is in structural decline; revenues are strongly exposed to consumer discretionary spending power and to potential regulatory changes to the pub tied-model (medium-term impact) Managed pubs (mainly food-led) Stable Established operators' margins may be squeezed again as a result of weaker sales growth shown in 1H15 results of some operators; turnaround of previously underinvested pubs should maintain momentum (e.g. Spirit) Healthcare Elderly care homes Stable Specialised (high acuity care) nursing homes more resilient, but margin squeeze to continue due to both public and private funding issues with added regulatory uncertainties Other Funeral homes, MSA...
