Pubco trading in line with expectations
STAFFORDSHIRE pubco Punch Taverns has said full year trading has performed in line with expectations as the business focusses on continued growth in its estate.
In a full year trading update for the 12 months to August 20, 2016 the Burton-upon-Trent company said the average profit per pub across its entire estate had risen 4% over the year with the core estate seeing like-for-like net income growth of 1%.
The pubco said its retail division was operating ahead of expectations, with 177 pubs identified to operate under the Retail contract and 97 pubs trading or in the process of being converted.
New pub openings have been accelerated to around.150 pubs per year – up from previous guidance of 100-120 pubs per year, it added.
Duncan Garrood, CEO, Punch, said: “The business has ended the year with a solid set of results, in line with our expectations, and which reflects the completion of our strategic disposal programme.”
