Punch Taverns plc, the operator of 4,500 leased and tenanted pubs throughout the UK, today announces interim results for the 28 weeks ended 1 March 2003.

Highlights

• Group turnover up 6% to £218 million (2002: £205 million)
   
• Group operating profit up 9% to £115 million (2002: £105 million)
   
• Profit before taxation up 17% to £55.6 million (2002: £47.6 million)
   
• Earnings per share up 41% to 19.4p (2002: 13.8p on a comparable pro forma  basis)
   - up 19% with a normalised tax charge
   
• Maiden interim dividend of 2.1p 
   
• Like for like pub contribution up 5% 
   
• £12 million of investment in the pub estate
   
• 218 pubs acquired and 24 sold or delicensed, bringing the Group total to 4,496 as at 1 March 2003

Note: Comparative figures are based on continuing operations before exceptional and non-recurring items

Giles Thorley, Chief Executive of Punch Taverns plc, commented:

“The growth shown in these results is a testament to both the quality of our estate and our business strategy.

“Our focus on organic development driven by enhanced programmes in support of our retailers, coupled with a steady flow of quality acquisitions, has combined to power this strong performance.

“Since the half year end, the resilient trading pattern of our estate has been maintained. We expect this positive trend to continue during the second half.”

Ends