28th Feb 2014 12:30
LONDON (Alliance News) - Punch Taverns PLC said Friday it is trading broadly in line with management expectations as it continues its pub investment and non-core pub disposal programmes.
The pub operator said trading has continued in line with management expectations for the 20 weeks to January 4, 2014, with core estate like-for-like net income for the half-year expected to be broadly in line with the 1.5% growth reported.
The firms' management expectations for the full-year have been retained, said Punch, which states that the core estate expected to deliver like-for-like net income growth of up to 1%.
The pub investment and non-core pub disposal programmes also remain on track with full year capital investment expected to be around GBP45 million and disposal proceeds anticipated to be in the region of GBP100 million, said Punch.
Earlier this month, Punch suggested a that a consensual restructuring of the business is in the best interests of all stakeholders. The firm said the period of engagement has been extended, and rthat the board remains in support of the view.
Stephen Billingham, Executive Chairman of Punch Taverns said, "We are convinced that a consensual restructuring is by far the best outcome for all stakeholders, and we will continue to work with all stakeholders to reach a consensus on the restructuring. No-one can be in any doubt about the consequences of failing to agree a consensual deal. We call on all parties to work together constructively to agree a restructuring. Everyone has something to gain by agreeing a restructuring that will retain the material financial synergies and provide certainty and stability for the business from which all stakeholders will benefit."
Punch said it will report its 28 week half-year results on March 1, 2014 and expects to issue its interim results for the same period towards the end of April 2014.
Shares in the firm were trading up 2.1% at 12 pence per share Friday.
By Alice Attwood; [email protected]; @AliceAtAlliance
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