12th Nov 2015 09:47
LONDON (Alliance News) - Punch Taverns PLC on Thursday reported a narrowed pretax loss in its recently-ended financial year after the disposal of its stake in drinks supplier Matthew Clark, although revenue fell in a challenging industry.
The pub operator said its pretax loss in the year ended August 22 more than halved to GBP105.2 million from GBP240.2 million the year before, after receiving GBP99 million in cash for the disposal of its 50% shareholding in Matthew Clark to Conviviality PLC.
Revenue, however, fell to GBP420.8 million from GBP448.1 million.
"While our actions to date have put us in a much stronger position to address the structural changes
impacting our market, we do not underestimate the challenges the industry faces in light of impending legislative changes. While the year ahead represents another period of transition for the business, we are confident in our plans and in our ability to implement our strategy, which is aimed at maximising the long-term value of our business," the company said in a statement.
Shares in Punch Taverns were trading up 0.6% at 135.75 pence Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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