A report by company valuations specialist Plimsoll has revealed that 56% of companies in the pub industry increased their market value in 2004. Of the remaining companies, 32% had suffered a fall in a value and 12% had seen no change over the last 12 months. David Pattison, senior analyst at Plimsoll and author of the report said: "I am amazed that despite poor margins and low growth being commonplace in the market so many [pubcos] have managed to increase in value." The report shows that the companies who enjoyed a rise in value over the last 12 months did so by focusing on cost savings and improving internal structures. Those that fared less well in 2004 were those companies that focused solely on sales. Consolidation by large operators like Enterprise and Punch, followed by cost savings drove up share value, while smaller businesses unable to execute group-wide savings and reliant on discounting failed to deliver real growth or the higher volume sales they needed. In a ranking of the best UK industries to invest in the pub sector came 669th, with an expected return on a £100 investment of £4.51. The restaurant sector came 704th, with an expected return of £4.28. The top sectors were Drilling Engineering consultants and Bricklaying.