Punch posts 1.4% rise in lfl core estate net income

Punch said trading in Q1 represented the fourth consecutive quarter of improving like-for-like trends and, assisted by weak weather comparatives, delivered growth in average net income per pub across the entire estate.

The firm said: “Expectations remain unchanged with management expecting the core estate to return to full year like-for-like net income growth of up to 1% for the current financial year.

“The pub investment and non-core pub disposal programmes remain on track with full year capital investment expected to be c£45m and disposal proceeds anticipated to be of c£100m raised largely from the disposal of non-core pubs.”

Restructuring proposal​

Regarding the review of its capital structure, Punch said: “As announced on 4 November 2013, Punch is continuing to work with a number of stakeholders with the objective of delivering a restructuring proposal that can achieve as broad support as possible. Punch intends to announce such a restructuring proposal in December 2013 with the formal launch of implementation shortly thereafter.”

Stephen Billingham, executive chairman, said: “We have made a positive start to the financial year and our results are benefiting from the operational improvements we have made over the last 12 months. Profits are in line with our expectations and we have reiterated our guidance for the full year.”