Interim Results for the 28 weeks to 2 March 2013
Underlying financial performance* – in line with management expectations
• EBITDA of £117 million
• Profit before tax of £26 million
• Basic earnings per share of 3.0p
• £254 million of cash reserves
• On track to meet full year profit expectations
Operational highlights*
• Improvement in core estate like-for-like net income** down 3.5% in the second quarter, compared to a decrease of 5.2% for the first quarter
• Core estate at 94% let, up from 91% at March 2012
• Investment in 270 core pubs completed in the half year at an average spend of c.£100k per pub
• Punch Buying Club membership increased to 3,300 Partners (March 2012: 2,200)
• 164 pubs sold, together with other assets for £55 million, above book value and at a multiple of 18 times EBITDA
Capital structure review
• Since announcing the restructuring proposal on 7 February 2013 we have continued to engage with the many stakeholders who will need to approve the restructuring proposal.
• While discussions remain ongoing and a range of views have been expressed, the Board believes that a consensual restructuring can be launched in the first half of 2013.
Stephen Billingham, Executive Chairman of Punch Taverns plc, commented:
“Our profit performance for the first half of the year has been in line with management expectations, with improving trends in the underlying business. We expect to make further progress in the second half of the financial year and are on track to meet our full year profit expectations.
We are progressing with our discussions with stakeholders on our capital restructuring and while discussions remain ongoing, we continue to believe a consensual restructuring can be launched in the first half of 2013.”
05 April 2013
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* before non-underlying items
** net income represents revenue less cost of drink sales (gross profit)
Enquiries:
Results: Punch Taverns plc Tel: 01283 501 948
Stephen Billingham, Executive Chairman
Steve Dando, Finance Director
Restructuring:
Goldman Sachs International; Sarah Mook, Andrew Wilkinson Tel: 020 7774 1000
The Blackstone Group International Partners LLP; Martin Gudgeon, David Riddell Tel: 020 7451 4000
Media: Brunswick Tel: 020 7404 5959
Jonathan Glass, Sophie Brand