Punch Taverns reports EBITDA drop of 2.8%

Punch Taverns has reported EBITDA of £105m for the 28 week period to 7 March 2015, down from £108m the previous year, a fall of 2.8%.

The company, which currently has a core estate of 3,653 pubs, said that the figure will ensure that the full-year EBITDA figures will be between £193m and £200m.

Revenue for the period was £222m (£131m net).

Stephen Billingham, executive chairman of Punch Taverns, said the latest figures were in line with the company's expectations.

"Group debt has materially reduced following the completion of the capital restructuring on 8 October 2014 and we have delivered strong cash flow generation during the first half. All of our debt is long-term securitised debt with no short-term bank debt and we have a clear path to further debt reduction.

Punch Taverns has reduced its net debt by £53m since the capital restructuring in October.

Duncan Garrood will join Punch as chief executive, from his role as president of the food division of MH Alshaya, in June.