26th Jan 2005 07:00
Punch Taverns PLC26 January 2005 PUNCH TAVERNS("Punch" or "the Company") AGM STATEMENT At the AGM to be held at 2pm this afternoon, Giles Thorley, Chief Executive,will make the following comments on the Company's activity since the start ofthe financial year on 22nd August 2004: 'I am pleased to report further progress in the development and the performanceof our business. Our pubs continue to trade well, in line with managementexpectations, and we continue to see good opportunities and prospects for steadygrowth. In the 20 weeks since August, including the Christmas/New Year period,underlying growth was 2%. The disposal of 545 lower profitability pubs, plus most of the InnSpired companyinfrastructure, to Pubfolio Ltd is progressing well and will complete on 28thJanuary. Punch will retain 471 higher quality InnSpired pubs, which are nowbeing integrated into the Punch estate. In addition to InnSpired, we have acquired 52 and sold 57 pubs in the year todate, such that the total estate after the Pubfolio sale will be 7,800 pubs,with 54% on long term leases. Investment levels are running at a similar levelto last year. Over the past year, the industry has been the subject of considerableuncertainty brought about by the Trade and Industry Select Committee review, thedevelopment of the new licensing regime, and proposals for new smokingguidelines. We believe the conclusions overall are favourable to Punch, andthat greater clarity on these issues will improve the confidence of existing andprospective retailers in the pub sector. In particular, the Licensing Actcontains many sensible elements which provide a more flexible tradingenvironment for our retailers, whilst improving and modernising the regulationof our trade to the benefit of all consumers. With the implementation of theAct commencing in February, we are confident that the plans we have put in placeto assist our retailers will provide a smooth transition into the new regime. 2004 was another excellent year for Punch. We have a large, high quality pubestate, run by retail professionals and entrepreneurs serving their localcommunities, and a robust business model which continues to deliver strongresults.' Interim results for the 28 weeks to 5th March will be announced on 28th April.An analyst briefing will be held on 2nd February, focusing particularly on theInnSpired acquisition, and opportunities for the business. 26 January 2005 ENQUIRIES: Punch Taverns plc Tel: 020 7868 8903Giles Thorley, Chief ExecutiveRobert McDonald, Finance Director College Hill Tel: 020 7457 2020Justine WarrenMatthew Smallwood This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Punch Taverns PLC