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Punch Taverns achieves its profit expectations
Thursday, 12th April 2012
Pub operator Punch Taverns said its underlying financial performance was in line with expectations in the 28 weeks to 3rd March.The group reported EBITDA of £128m (2011: £139m) and profit before tax of £33m (2011: £41m).
Basic earnings per share were 3.8p (2011: 4.7p).
Punch had £216m of cash reserves, £102m held outside of the securitisations.
There was continued growth in average net income per pub, up 0.8%.
Total core estate like-for-like net income was down 2.1%.
214 pubs were disposed of together with other assets for £62m, £4m ahead of book value and at a multiple of 20 times EBITDA.
The group is on track to dispose of between 400 and 500 non-core pubs for the full year.
Net debt was reduced by £61m (3%).
Punch said third quarter trading in 2011 was boosted by exceptional weather and the additional Royal wedding bank holiday. Consequently the third quarter of 2012 is up against strong comparative numbers making trends difficult to interpret. Nevertheless, the group has strong plans in place and expects to benefit from the Queen's Diamond Jubilee, the UEFA European football championship and the Olympic Games in the latter half of the year.
Roger Whiteside, CEO, commented: 'Despite weaker consumer market conditions in recent months our teams have worked hard to contain costs and deliver profits in line with our expectations for the first half and we remain on track to meet our full year profit expectations.
'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. We are making progress towards our aim to become the UK's highest quality, most trusted and best value leased pub company and are focused on creating value for our shareholders through successful long-term partnerships with our licensees in our core estate of 3,000 of the highest quality, best invested leased pubs in the country.'
Story provided by StockMarketWire.com
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