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PRIVACY
Economic Development

Punch Taverns profits drop nearly a quarter to 拢49m

Pubs group also reports a 7 per cent fall in revenue for the 2013 financial year.

Punch Taverns owns more than 4,000 pubs

Staffordshire-based pub group Punch Taverns has revealed that pre-tax profits dropped by 23 per cent to £49 million in the 2013 financial year.

Punch, which has a portfolio of about 4,300 pubs to lease nationwide, announced in its full-year earnings that pre-tax profits fell from £64 million in 2012.

Total revenue also fell by seven per cent to £458 million.

Punch said in a statement that it was hoping for a return to like-for-like net income growth of up to one per cent in 2014. It added that there are improving like-for-like trends in net income.

Stephen Billingham, Punch executive chairman, said in a statement: “We have delivered profits for the year in line with our expectations and returned the core estate to growth in the most recent quarter.

"We have made excellent progress in implementing operational changes during the course of the year and this is reflected in our recent financial performance.”

“Pubs in which we have invested have shown significant improvement in performance and the core division accounts for over 80 per cent of group earnings before interest, taxes and depreciation.

“Expectations of future net income growth for the core estate remain unchanged from those previously announced, with a return to like-for-like net income growth of up to one per cent expected in the 2014 financial year.”