27th Nov 2013 08:27
LONDON (Alliance News) - British pubs owner Punch Taverns PLC Wednesday said that it has seen a positive start to the year, with rising sales, and the business benefiting from operational improvements made over the last year.
In an interim management statement, Punch Taverns said that it delivered growth in average net income per pub across its entire estate in the 12 weeks to November 9, with like-for-like net income growth of 1.4% in its core estate.
It said that its profits so far are in line with its full-year expectations, while it expects its core estate to achieve like-for-like net income growth of up to 1% for the current financial year.
Punch Taverns said that its pub investment and non-core pub disposal programmes remain on track. It said that it expects a capital investment of around GBP45 million for the full year, alongside disposal proceeds, largely from the sale of non-core pubs, to be around GBP100 million.
The group also said that it is continuing to work with a number of its shareholders, in hope of delivering a restructuring proposal with as much support as possible.
Punch Taverns shares were untraded early Wednesday morning at 11.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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