Solid set of results for Punch Taverns
STAFFORDSHIRE pub company Punch Taverns says it has seen improving trends in the underlying business.
Announcing interim results for the 28 weeks to March 2, the Burton-upon-Trent pubco revealed profit before tax of £26m and EBITDA of £117m.
It says it is on track to meet full year profit expectations.
Punch revealed it has £254m of cash reserves and that its core estate is 94% let, up from 91% at March 2012
Some 164 pubs have been sold, together with other assets for £55m.
Stephen Billingham, executive chairman of Punch Taverns, said: “Our profit performance for the first half of the year has been in line with management expectations, with improving trends in the underlying business.
“We expect to make further progress in the second half of the financial year and are on track to meet our full year profit expectations.
“We are progressing with our discussions with stakeholders on our capital restructuring and while discussions remain on-going, we continue to believe a consensual restructuring can be launched in the first half of 2013.”
