3rd Sep 2013 06:38
LONDON (Alliance News) - British pubs owner Punch Taverns Plc (PUB.L) Tuesday said fourth-quarter trading for the 12 weeks to August 17 was strong, with like-for-like net income in the core estate up 0.4 percent.
According to the pub operator, this is the third consecutive quarter of improving like-for-like trends and has helped return average net income per pub to growth for the full year across the company's entire estate.
In an end-of-the year trading statement for the 52 weeks ended August 17, the firm said overall profit performance for the financial year was in line with management expectations and previous guidance.
The company will report underlying EBITDA between 210 million pounds and 220 million pounds. Average net income per pub was up 1.5 percent for the period.
The company ended the year with 96 percent of its core estate pubs let on substantive agreements, ahead of its target of having between 93 percent and 95 percent let.
The company's Board considers that a consensual restructuring can be launched in the second half of 2013. An update on the implementation of the restructuring will be provided in due course. Expectations of future net income growth for the core estate remain unchanged. Management expects the core estate to return to like-for-like net income growth of up to 1 percent in the new financial year and between 1 and 2 percent net income growth in fiscal 2015. These are before returning to a long-term net income growth rate of around 2 percent in fiscal 2016.
Stephen Billingham, Executive Chairman, said, ''Our profit performance for the year has been in line with management expectations. We are encouraged by our first quarter of net income growth since demerger, and we reiterate our previous expectations of net income growth in the core estate for the years ahead."
Copyright RTT News/dpa-AFX
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