Punch sees dip in income as demerger completes
STAFFORDSHIRE pub operator Punch Taverns saw a slight dip in net income across its total estate in the final quarter of its financial year.
In a year-end trading update covering the 52 weeks to August 20, 2011, the Burton-based plc said Q4 net income – revenue minus the cost of drink sales – was down 5% and down 5.2% for the whole year.
Across its core estate, Q4 like-for-like net income was down 2.4% and down 2.1% for the whole year.
Average net income per pub had increased slightly by 0.9% for the year, Punch said today.
On August 1, Punch completed the demerger of its ‘Spirit’ business meaning the former’s estate now comprises around 5,000 leased and tenanted pubs.
During the year, Punch has disposed of 398 pubs together with other assets generating disposal proceeds of approximately £108m.
Chief executive Roger Whiteside said: “Having completed the demerger, we have a clear operational and strategic plan and we will build on the positive momentum delivered throughout this year.”
In a separate Q4 trading update today, Spirit Pub Company said it had seen a growth of 3.8% in like-for-like sales for the 12 weeks up to August 20, 2011.
Food sales grew by 7.9% in the period and 7.2% for the full year while drink sales rose by 1.2% in Q4 and 4% in year.
“Growth in food continued at the healthy levels experienced in the last two quarters driven by innovation and investment in our brands,” the update said.
“Drinks sales remain encouraging although the reported figures for Q4 were affected by the benefit of the World Cup in 2010.”
Both companies will announce their full-year results on October 20.
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