Fri, 13 Apr 2012 | BUSINESS NEWS
A trickle of pub sales is likely to continue as Punch Taverns has announced that its profits fell by 20 per cent in the first half of the year.
The firm, which is in the midst of plans to dispose of the majority of its non-core pubs over a five-year period, saw its pre-tax profit in the 28 weeks to 3 March fall from £41 million a year ago, to £33 million.
However, it reassured the market that it is on track to meet its full-year profit expectations despite poor trading conditions, but noted that its average net income per pub rose by less than one per cent. Meanwhile, like-for-like net income for the core estate declined by 2.1 per cent.
Punch is currently in negotiations with bondholders to reduce its debt of £2.2 billion. In the first half of the year it claims to have succeeded in lowering the debt by three per cent through the sale of 214 pubs and other assets for £62 million.
Roger Whiteside, the firm's chief executive, observed that the firm's strategy is still on track: “Notwithstanding the continuing challenging climate, we have a clear operational plan to return the core estate to growth in the medium-term and extract maximum value from our non-core assets.”
An independent rubbish clearance company founded in June 2019. Specializes in clearing bulky waste from UK residential and office premises, delivering it to recycling stations within a 15-minute radius.
This well-established, family-owned business specialises in manufacturing and installing high-quality UPVC windows, doors, and double-glazed units, alongside installation services for conservatories and home extensions. The company has built a strong...
Established in 2013, the company specialises in the design and construction of bespoke garden rooms to enhance homeowners' living spaces, along with complementary product lines such as “express” flat-pack garden rooms, log cabins, BBQ huts, and sheds...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.