Pubs ‘n’ Bars, the Aim-listed pub operator, has this afternoon issued a profits warning. In a sparse trading update, the managed and tenanted pub operator, which has a combined estate of just over 100 sites, said that the current trading environment meant that pre-tax profits would fall below current market expectations. It said: “The current economic environment contributing to reduced consumer spending and exacerbated by cut-price alcohol supermarket sales has had a negative effect on current trading. “In addition, increased finance costs and higher operating costs, has led the directors to believe that profit before tax will be below current market expectations.” Shares in the group, which is led by chief executive Mel Belligero, are currently priced at 9.5p, valuing its share capital at £4.58m.