Punch growth continues after Pubmaster buy

Punch Taverns, the operator of 7,371 leased and tenanted pubs, increased its profits by 30% during the six months to 6 March.

Profit before tax and exceptionals was up by 30% to £72.5m, against £55.6m at the same point last year.

Turnover rose by 39% to £303m (2003: £218m).

The figures include a 14-week contribution from the 3,000-strong Pubmaster chain, bought last December for just under £1.2b.

But like-for-like sales were also up, by 2.4%.

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Thorley: "encouraging prospects"

Chief executive Giles Thorley said: "The integration of the Pubmaster estate is proceeding well." It is on target to produce cost savings of £10m a year, he added. Punch increased the pace of its pub developments during the six-month period, investing £19m in its estate, against £12m at the same stage last year. Looking ahead, Thorley said: "Current performance continues to be positive and prospects for the second half are encouraging." Buy this week's *Caterer* magazine for more industry news and analysis