Punch Taverns plc, the operator of 4,500 leased and tenanted pubs throughout the UK, today announces preliminary results for the 53 weeks ended 23 August 2003.

Highlights

• Group turnover up 10% to £429 million (2002: £392 million) 
   
• Group operating profit up 12% to £227 million (2002: £202 million)
   
• Profit before taxation up 22% to £113 million (2002: £93 million) 
   
• Earnings per share up 44% to 39.3p (2002: 27.4p on a comparable pro forma basis)
   - up 22% on a normalised tax basis 
   
• Proposed final dividend of 4.4p, bringing the total dividend for the year to 6.5p (2002: Nil) 
   
• Like for like pub profit contribution in 52 weeks up 4.3%
   
• £33 million invested in development of the pub estate
   
• 283 pubs acquired and 70 sold or delicensed, bringing the Group total to 4,515 as at 23 August  2003 
   
• Completion of debt refinancing since year end, raising £265m additional cash and reducing the cash interest cost of our securitised debt from 7.7% to 7.2% 
   
• Proposed acquisition of Pubmaster for £1,193 million (see separate announcement) 

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

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

“These are excellent results in what has been a year of significant progress for the Group. The business continues to perform well. Organic growth has been complemented with pub acquisitions and a financing structure that optimises growth in earnings.

“Since flotation we have taken the opportunity to restructure and improve many areas of our operations and support to retailers. Most recently we have completed the restructure of our debt. These actions have created a very strong platform for future growth."

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