25th Sep 2013 06:46
LONDON (Alliance News) - British pubs owner Punch Taverns Plc (PUB.L) announced Wednesday its preliminary results for fiscal year 2013, reporting a sharp decline in pre-tax profit. The company said its underlying profit performance is in line with management expectations.
For the year, pre-tax profit fell to 17 million pounds from 52.4 million pounds last year. Underlying pre-tax profit, which excluded certain items, fell to 49 million pounds from 64 million pounds last year.
Revenue for the year declined to 457.6 million pounds from 491.7 million pounds a year ago.
The company noted that trading through the year has benefited from the operational improvements delivered in the business, ending the year with a return to like-for-like net income growth of 0.4 percent in the fourth quarter.
Executive Chairman Stephen Billingham said, "We have delivered profits for the year in line with our expectations and returned the core estate to growth in the most recent quarter. We have made excellent progress in implementing operational changes during the course of the year and this is reflected in our recent financial performance."
Looking ahead, the company said that the expectations of future net income growth for the core estate remain unchanged from those previously announced, with a return to like-for-like net income growth of up to 1 percent expected in the 2014 financial year.
Copyright RTT News/dpa-AFX
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