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News Article Comments : Punch scraps final dividend
Punch Taverns has scrapped its final dividend after deciding it should strengthen its balace sheet in the current finance market.
The company said that rent concessions have increased to £6m, around 3% of the rent roll.
Like-for-like pub contribution is down 3.4% over the year to 23 August.
The company said: “The challenges which our industry and licensees are facing currently have been well documented.
"To help our licensees through this period, Punch has provided an increasing level of support through food expertise, promotional support, drinks discounts and rent concessions."
Like-for-like sale in the Spirit managed estate were down 3.3% in the year to 23 August, slightly better than the 3.6% reported for the 44 weeks to 21 June.
Punch added: “Over the course of the year a number of considerations have led the Board to review the Group’s use of the cash that it generates.
"In the current financing market environment, the board considers it prudent to retain cash and further s
19 Posts(s) found for this thread: Now displaying page 1 of 2
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Richard Ley 03/09/2008 10:03:28  |
RE: Punch scraps final dividend Oh dear, what a pity, never mind. Protect the money men. This post replies to this thread |
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Charles Yaxley 03/09/2008 11:47:28 |
RE: Punch scraps final dividend Perhaps Mr Thorley (and others) might consider paying back some of his share related bonus from last year, afterall it's only fair if he and others are rewarded for good share performance that they should be penalised for bad perfomance ( in the case of the Pubco Execs. this last year might be costing them a bit). This post replies to Richard Ley > RE: Punch scraps final dividend |
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edward carpenter 03/09/2008 12:02:19 |
RE: Punch scraps final dividend Oh how we laughed. This post replies to Charles Yaxley > RE: Punch scraps final dividend |
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| Phil Taylor-Jones 03/09/2008 12:27:37 |
RE: Punch scraps final dividend Indeed what a shame. Perhaps Punch will also realise that it is not them feeling the pinch but their partners/lessees/customers (or whatever they are calling them this week). Perhaps if they were to reduce their ridiculous profit margins on what their lessees are forced to buy from them, then their lessees might even break even (oh sorry there goes that flying pig again!) This post replies to Richard Ley > RE: Punch scraps final dividend |
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| George Baker 03/09/2008 12:44:36 |
I've got a feeling that we might, just might, be about to witness one of the biggest corporate failures the UK has seen for some time. This post replies to this thread |
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| Winton Simpson 03/09/2008 12:49:14 |
RE: Punch scraps final dividend They have got to find a way to pay for those new employee benefits, so as to stop the rats leaving the sinking ship. When you have 3rd parties that deal with Punch, start saying they are worried about Punch and they deal with punch everyday. Plus we get hassled about a £10 shortfall and threaten to stop our beer order. The signs are all there. punch is sinking under a mountain of debt, empty pubs they have to pay full business rates on, decreasing income from licesees as we sell less beer. They put up the rent to cover the losses, licesees go "not worth it". Another empty pub and even less income. The ship sinks a bit more. slowly it will go below the waves. And then ..................................? This post replies to this thread |
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Inez Ward 03/09/2008 12:48:13 |
I agree George but this will not be the only one! Punch are down 51.75 to 265 (down 16.02%) and Enterprise are down 42.50 to 264.75 (down 13.08%), it is true that the market in general was down 2.28%. These companies have no-one to blame other than themselves, if you destroy the heart of your business model then your business model will surely die! This post replies to George Baker > Punch scraps final dividend |
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| edward carpenter 03/09/2008 13:02:50 |
And so it should. They have blindly ignored their shortcomings for short term greed. They deserve everything (and more) that`s coming their way. This post replies to Inez Ward > Punch scraps final dividend |
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| peter watson 03/09/2008 14:28:34 |
RE: Punch scraps final dividend more pubco flannel ,heard it all before This post replies to this thread |
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| George Baker 03/09/2008 14:38:20 |
Inez, if I were one of the contractors employed to build Judy's new 'state-of-the-art' corporate HQ at Burton, I think I would be seeking cash with order. They always want to erect these monuments to folly at such a time. By the way, hands up those that followed Biggles advice and bought a shed load of shares. Enough said. edited by: George Baker at: 03/09/2008 14:38:41 This post replies to Inez Ward > Punch scraps final dividend |
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