In group accounts filed at Companies House, Punch, owned by CF Cooper Holdings Limited, achieved revenue for the period of £337.9m, compared to £323.5m in FY2023/24.
The majority of its revenue comes from drink sales – which make up £97.3m of sales within its leased and tenanted business and £163.6m within Pub Partnerships, with food sales across its Pub Partnership sites amounting to £37.7m.
Conversions and acquisitions
The conversion of pubs from its leased and tenanted estate over to its pub partnerships model, “together with opportunistic acquisitions of single sites and small pub portfolios being the predominant driving forces leading to the increase”, it said.
Over the period, revenue from its Pub Partnership business – which includes the Laine Pub Company’s 51 venues – increased by 5.1%, from £198.1m to £208.4m.
Overall, Punch reported an underlying profit after tax of £20.7m, compared to a profit of £21.8m the previous year. However, loss after tax was £28.3m, compared with a loss of £5.3m the previous year.
Underlying profit before tax amounted to £26.3m, compared to £26.1m the in FY2023/24.
Sales growth
Both segments of the business delivered like-for-like sales growth over the period, with the group planning continued growth, predominately under its leased and tenanted model, but with a growing number of pubs operating as Pub Partnerships.
As of the period end, Punch operated 924 leased and tenanted pubs and 342 Pub Partnership sites.
During the 52-week period CF Cooper Holdings spent £40m on expansionary and maintenance capital, compared with £30.3m the previous year. In addition, it spent £20m on the acquisition of several pub assets, which it said are expected to generate strong returns over the next few years.
During the most recent quarter Punch continued to review our estate and has identified a small number of pubs that it anticipates disposing of within the next 12 months. These assets are segregated within Assets Held for Sale and total £4.5m.
- This story originally appeared in The Morning Advertiser’s sister publication MCA here.
