Overall revenue for the 52 weeks ended 10 August 2025 stood at £337.9m, up from £323.5m the previous year, an increase of almost 4.5%.
Punch, which operates an estate of 1,266 pubs including Laine Pub Company, attributed the growth to strategic acquisitions, estate investment, and operational efficiencies, particularly on energy costs.
Investments and acquisitions
Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose to £98.4m, up from £91.1m in 2024. EBITDA before central costs for the pub estates reached £129.8m, up £7.1m.
After accounting for non-underlying items, including a £43.8m property revaluation loss, the group posted an operating profit of £30.7m, which was down from £48.1m in FY24. The net result was a £29m loss, compared to a £5.3m loss the previous year.
Punch invested £20m in acquisitions during the period, procuring 35 pubs, and a further £40m in expansionary and maintenance capital, up from £28.8m in FY24. A total of 36 pubs were converted from leased and tenanted to a Pub Partnership model.
Property assets increased by £95.4m to £1,011.2m, according to an estate revaluation conducted by Savills, with 92% of pubs owned outright or on long leaseholds.
Continued growth
In June, the Burton-on-Trent-based pubco secured a £640m debt refinancing package to support its long-term growth plans and pay outstanding borrowings, fees and expenses in connection with the offer. The bond was more than two-times over-subscribed.
The group, which is led by CEO Andy Spencer, said it remained optimistic about future trading, citing continued estate growth, maturing Pub Partnership conversions, targeted acquisitions, and a £5.1m cost optimisation plan developed with Deloitte.
It added early Q1 trading for the eight weeks to 5 October 2025 had already shown EBITDA ahead of the same period last year.
