Total revenue at the business that operates 1,248 pubs (925 L&T and 323 managed) was £313.5m compared to £284.4m in the prior year period of 52 weeks to 14 August 2022 while revenue at its managed division – Management Partnership – revenue has increased by 24% from £112.8m to £139.8m.
All three divisions (leased and tenanted, Management Partnership and Laine) delivered like-for-like sales compared to the prior year. Underlying outlet EBITDA (earnings before interest, taxation, depreciation and amortisation) and for the pub estates in all three divisions before central costs increased by £1.1m to £106.1m despite the negative year-on-year impact from VAT and energy costs.
Loss before tax increases
The report stated a loss before tax for the 52 weeks of £13.7m (2023: loss of £0.5m).
EBITDA for the period was £79.1m (2023: £81.3m) of which £81.3m was classed as underlying EBITDA (2023: £83.3m).
Within the final quarter of Punch’s financial year, performance remained strong, delivering £22.1m of underlying EBITDA for the 12 weeks ending 13 August 2023.
For the 12 weeks to 13 August 2023, total revenue was £79.6m compared to £73.1m in the prior year period of 12 weeks to 14 August 2022.
Disposed 23 pubs
Meanwhile, a further £7.2m of capex has been invested into its pubs during Q4.
The group disposed of 23 pubs in FY23, generating proceeds of £11.2m, at £0.6m above book value.
On current trade, Punch said the eight-weeks trading to 8 October 2023 has continued strongly with like-for-like sales growth across all three divisions and has been “encouraging with profitability materially ahead of 2023”.
It added: “The group expects to benefit from inflation positively impacting L&T net income together with the improving margins and the benefit of maturing sales and profitability in the 71 pubs converted to the Management Partnership estate since August 2021.”