In its latest trading update, the Burton-based pubco, which operates some 1,264 sites, reported total revenue for the 28 weeks to 23 February 2025 of £168.3m, up from £165.1m in 2024, with a a net cash inflow of £44m (prior year 28 weeks: £43.3m).
In addition, underlying EBITDA for the period stood at £46.9m (2024: £43.2m), with all three of its divisions (Leased and Tenanted, Management Partnership and Laine) in growth. Total EBITDA was £45.9m.
Strong trading
Trading for the eight weeks to 20 April 2025 was also strong, according to the update, with EBITDA 10% ahead of the same period in 2024, up £1.4m.
The Fortress Investment Group-owned firm said this stemmed from inflationary price increases within its estate, capex investments, profits from leased & tenanted to managed partnership pub conversions, acquisitions and optimising its cost base.
Punch said of its current trading and outlook: “Based on the continuation of the initiatives described above, group profitability is expected to grow from the £94.8m of underlying EBITDA for the 12 months to 23 February 2025 to a pro forma run rate EBITDA of £111m."
The group added this would in part be driven by managed partnership conversions, with 18 pubs converted to its management partnership model in the year to 23 February 2025 and 37 pubs identified for conversion this year.
Property assets
It also acquired 20 pubs during the 28 week period, at a cost of £12.5m, and invested £17.3m in expansion and maintenance, compared with £13.3m for the same period last year.
Last month, the group acquired four sites from Leicester-based business Everards.
Property assets for the company rose to £992m, following a full estate revaluation by Savills, with £7.7m generated from pub sales.
At the end of the period, Punch had £74m in available funds, consisting of £3.7m in cash, £37m in undrawn credit, and £33.3m in accessible reserves.
