Punch Taverns 471 pub integration on track

28 April 2005
Punch Taverns 471 pub integration on track

Punch Taverns' integration of 471 pubs last year is on track, according to the company.

In its results, announced today, the pub company said its turnover in the first six months to 5 March were up by a third to £404m.

The group, which operates 7,800 leased and tenanted pubs in the UK revealed its profits were also up by 39% to £103m before tax, amortisation and exceptionals. Like-for-like turnover was up by 3.4%

Chief executive Giles Thorley said: "The Group has had an excellent first half and these results are testament to continued underlying organic growth in sales and profit across the estate, together with a strong performance from both the Pubmaster and InnSpired acquisitions.

"We continue to see good potential for further sector consolidation and remain well placed to take advantage of future acquisition opportunities.

"Punch has proven the resilience of its business model and while there are some suggestions of a more challenging consumer market the directors remain confident of a satisfactory outcome for the year."

The results follow Punch's acquisition of 471 pubs from InnSpired in September last year, which included £335m of debt which was repaid in November.

The group has also acquired 72 individual pubs for a total of £40m and sold 74 others for £22m during the first half period.

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