Revenue increased 9.4% to £184.1m, compared with £168.3m in the same period last year, while underlying EBITDA rose 7.0% to £50.2m.
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The group, which operates 1,298 pubs, said performance was driven by like-for-like growth across the estate, returns from pubs transferred into Pub Partnerships and selective acquisitions of single sites and small pub portfolios.
Acquisitions
Punch acquired 35 pubs during the period for £25.4m, including sites from McMullen’s, a package of four pubs and three individual acquisitions.
Since the period end, the business has completed, exchanged or agreed to acquire a further 21 pubs for £21.2m. The group said it continued to see a strong pipeline of acquisition opportunities across single-site deals and smaller pub portfolios.
Punch said its predominantly community and drinks-led estate continued to provide resilience against wider market pressures, with limited exposure to high street, city-centre and late-night trading. Around 77% of pub revenue came from drink sales during the period.
The pubco added that its model, which sees pubs operated by independent entrepreneurs rather than fully managed sites, helped reduce direct exposure to rising labour costs.
‘Resilience’
Chief executive Andy Spencer said: “I am pleased to see continued revenue and profit growth across our business, reflecting the resilience of our community-focused pub estate and the entrepreneurial flair of our brilliant publicans.
“These results demonstrate the strength of our business model, combining selective acquisitions, targeted investment and an expanding partnerships business. Despite current industry-wide headwinds, we remain excited about the long-term growth opportunity ahead.”
The group said 30 pubs were transferred into its Pub Partnerships division during the period, compared with 11 in the previous year. At the period end, 71% of Punch’s estate was leased and tenanted, while 29% sat within Pub Partnerships.
Punch also invested £28.4m in expansionary and maintenance projects, including energy efficiency improvements. 95% of its non-listed pubs now have an SAP rating of C or above, with the group targeting 100% by the end of 2026.
Trading for the eight weeks to 19 April remained strong, with underlying EBITDA ahead of the same period last year.
The update follows Punch’s recent acquisition of eight community pubs from RedCat Hospitality, alongside senior leadership changes that will see Matt Ward join as CFO on 11 May.
