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AG bar reported its results earlier this week AG bar of course the company that perpetrated iron brew on to an unsuspecting universe an Ag bar something like a just over a two percent holding in Finsbury growth and income trust portfolio and you know what that set of results was really perfectly satisfactory I think sales for Ag bar the whole business were up just under six percent last year which is ahead of market growth the company generated a whole lot of cash last year and now has net cash no debt on its balance sheet and the dividend was up another seven percent continuing a really proud history of dividend increases from that company AG bar and you know what I think you'll understand why looking at those set of results from bar set me back thinking to when I was first appointed or when linsell train was first appointed as managers of Finsbury growth an income trust back in 2001 because AG bar was actually one of the first investments that we began to build up all of those years ago back as I say in 2001 a gia watt it's been just the most wonderful investment over the subsequent 18 years the average share price for a G bar in 2001 was I think 77 pence meaning that's roughly what we paid for our first few tranches of the stock today the shares are trading just fraction under eight pounds per share in other words admittedly over the best part of it a couple of decades but in other words a G bar shares are up more than ten times over the period that we've owned it and that really is an exceptionally pleasing return particularly when you put it into the context of the performance of the UK stock market because actually the FT all share index hasn't even doubled over that same period bar up ten times the stock market not having doubled and do you know what the really to us marvelous thing about a G bar is there is absolutely no reason why the company shouldn't continue to deliver very very wonderful returns for patient shareholders out for the next 18 years all that that will take all that it will take is for more and more people to come to appreciate the sparkling sophistication and proven medical benefits of iron brew now you must forgive me my little joke but actually there is a really serious point here to me AG bar is an absolutely archetypal investment for Finsbury growth an income trust the sort of business and then the sort of share price that we can own for years and years for decades and decades and for as long as we remain steadfast holders will gradually deliver the returns that we know that shareholders are looking for I hope it's certainly my intention that every single investment that we have in Finsbury sport folio has the potential to do what AG bar has done over the last over the last 18 years and you know although this is just kind of a running commentary as it were when I look at the business performance of the major Holdings that we have in Finsbury when I look at the business performances that have been announced so far in 2019 to date when I look at those businesses performances I am encouraged that we own a collection of companies that have the potential to do what Barr has done so for instance our biggest holding today remains Diageo shares are pretty much at an all-time high as I speak one reason for that is because Diageo's biggest brand Johnnie Walker grew by six percent last year very acceptable Unilever our second biggest holding in Finsbury Unilever's biggest brand which by the way is dove dove which is sold I think in a hundred and seventy countries around the world dove sales last year were up 8% and just one more heineken heineken x' biggest brand which is its eponymous brand the Heineken brand itself Heinekens sales were up 8% last year as well and that's the fastest growth for that critical brand Heineken that's the fastest growth in over a decade so for me plenty to be cheered up by I might just say then in conclusion and I hope not leaving too many hostages to fortune but I might just note that as I speak to you right now as I speak to you right now Finsbury growth and incomes trust shares are up 10% exactly 10% in 2019 year-to-date up 10% despite brexit despite worries about interest rates or global slowdowns all that kind of stuff why a Finsbury shares up 10 percent year-to-date the reason is because many if not most of the underlying businesses that were invested in are doing very nicely thank you as businesses and for as long as that continues I think things will work out just fine
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