PUNCH TAVERNS PLC
Interim Management Statement for the 12 weeks to 9 November 2013
PROFITS IN LINE WITH MANAGEMENT EXPECTATIONS;
FIRST QUARTER CORE NET INCOME IN GROWTH
First quarter trading for the 12 weeks to 9 November 2013 was positive with like-for-like net income in the core estate up 1.4%. Trading in the quarter represented the fourth consecutive quarter of improving like-for-like trends and, assisted by weak weather comparatives, delivered growth in average net income per pub across our entire estate.
Expectations remain unchanged with management expecting the core estate to return to full year like-for-like net income growth of up to 1% for the current financial year. The pub investment and non-core pub disposal programmes remain on track with full year capital investment expected to be c.£45m and disposal proceeds anticipated to be of c.£100m raised largely from the disposal of non-core pubs.
Capital structure review
As announced on 4 November 2013, Punch is continuing to work with a number of stakeholders with the objective of delivering a restructuring proposal that can achieve as broad support as possible. Punch intends to announce such a restructuring proposal in December 2013 with the formal launch of implementation shortly thereafter.
Stephen Billingham, Executive Chairman of Punch Taverns plc, commented:
“We have made a positive start to the financial year and our results are benefiting from the operational improvements we have made over the last 12 months. Profits are in line with our expectations and we have reiterated our guidance for the full year.”
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Enquiries:
Punch Taverns plc
Tel: 01283 501 948
Stephen Billingham, Executive Chairman
Steve Dando, Finance Director
Media: Brunswick Tel: 020 7404 5959
Jonathan Glass, Mike Smith
Forward-looking statements
This announcement may contain certain statements about the future outlook for Punch. Although we believe our expectations are based on reasonable assumptions, any statements about future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.