Profits slump at Punch Taverns

10th November 2008, 11:23am

Punch Taverns pub group has seen its profits slump during the 53 weeks to 23 August, according to its latest preliminary results.

The company, which has seen a 7% reduction in the average size of the group, experienced a pretax profit of £262 million, down from £282 million last year.

Despite these concerning figures, Giles Thorley, chief executive of the group, remains positive: "Our operational performance has been robust, delivering strong cash flow generation and an underlying profit of £262 million before tax which was in line with market expectations.

"We have secure long-term debt and no near-time requirement for funding. We have also proactively taken prudent steps in utilising cash to reduce our level of debt, whilst maintaining investment in our pubs to further improve what is one of the most diversified and highest quality pub estates in the country."

He added: "Whilst we are not immune to the current difficult trading conditions, the steps we have taken over the last two years have strenthened our position and leave us well placed operationally to capitalise on any improvement in the wider consumer environment."

Weblink: www.punchtaverns.com

Related Articles:

• 07 Dec 2011 - Punch Taverns pub company raises almost £5.5k for Movember
• 21 Sep 2011 - Over 250 Punch pubs make CAMRA’s Good Beer Guide 2012
• 30 Jun 2011 - New board appointments at Punch Taverns
• 25 Jan 2011 - People moves at Punch Taverns pub company
• 25 Aug 2009 - Punch blames poor trading on lack of sunshine
• 15 May 2009 - Corkin wine prices at Punch pubs
• 08 May 2009 - Shepherd Neame acquires 13 Punch pubs
• 27 Mar 2009 - Punch Taverns sells six of its pubs to Fuller's
• 26 Mar 2009 - Punch Taverns sells six of its pubs to Fuller's

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