Punch toasts ‘solid’ full-year trading
Pubs group Punch Taverns today said it expects to deliver underlying earnings of up to £200 million for its full financial year, marking a slight decline on last time.
The owner of about 3,500 venues, including the Ensign Ewart in Edinburgh, said net income at its core estate of 2,900 pubs rose 0.3 per cent in the year to 22 August.
Overall profit performance for the year was in line with guidance, the group said, and it expects to report underlying pre-tax profits of between £193m and £200m – that compares with £205m the previous year.
Punch recently agreed the sale of 158 pubs to property firm NewRiver Retail for £53.5m.
Chief executive Duncan Garrood said: “The business has ended the year with a solid set of results, in line with our expectations.
“The business has clear plans for further debt reduction and will benefit from being able to focus more resources on the higher quality core pub estate.”
Punch will report its annual results on 12 November.