24th Jan 2007 07:01
Punch Taverns PLC24 January 2007 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 20th August 2006: "This has been a period of continued progress for Punch Taverns on all fronts.Our pubs are trading well in a quiet market and we have continued to improve thequality of our estate through conversions, acquisitions and investment. "In the first 20 weeks of our financial year, to 6th January, we acquired 125pubs and sold 56, taking our overall estate to 9,325 pubs. Acquisitionsincluded Mill House Inns, a company owning 82 high quality directly managed pubswhich was acquired in September for £164m. The transfer to lease programme isprogressing well and we have now converted 301 managed pubs from Spirit to aleased format. "Trading remains steady and in line with our expectations. In the leasedestate, like for like turnover growth continues at around 1% with an increasingcomponent from rent. In the core managed estate, like for like sales growth hasbeen around 5%, with a growing emphasis on food. Christmas sales overall werein line with recent trends. We continue to invest in pub amenities and customerservice to ensure our pubs are ready when the smoking ban is introduced inEngland and Wales later this year. "We expect to announce interim results for the first 28 weeks of our financialyear on Tuesday 1st May. Historically the first 28 weeks have generated justover half of leased estate annual pub profits, and just under half of managedestate annual pub profits. "We are today effecting some changes to our Board. Phil Cox is retiring afterfour years as Chairman, and will be replaced in this role by Peter Cawdron whofirst joined our Board in May 2003. Martin Glenn also retires from the Boardtoday. We would particularly like to thank Phil and Martin for their work withthe Company and their contribution to a period of phenomenal progress for Punch. We now welcome two new directors to our Board - Andrew Knight, who is ManagingDirector of our Spirit managed pub business, as executive director, and PhilDutton as non executive director. Phil was until recently Finance Director ofMatalan and has excellent experience of retail businesses including Asda. Thesenew appointments will strengthen our retail skills at Board level as we driveforward the quality of our pub estate." 24 January 2007 Enquiries: Punch Taverns plc Tel: 020 7255 4002Giles 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