Punch Taverns plc, the operator of over 9,500 pubs throughout the UK, today announces interim results for the 28 weeks ended 4 March 2006. All figures have been reported under IFRS and prior years restated.
Highlights
Financial
- Group turnover up 53% to £619m (2005: £404m)
- EBITDA up 26% to £269m (2005: £214m)
- Profit before tax and exceptional items up 13% to £116m (2005: £103m)
- EPS up 10% to 35.1p (2005: 31.9p)
- Interim dividend increased by 19% to 4.4p (2005: 3.7p)
- Acquisition of Spirit comprising 1830 of the highest quality managed pubs
Operational
- Punch leased estate (7,748 pubs at 4th March) has performed well within a more challenging market
- Like for like turnover growth +1%
- EBITDA growth of 8% to £232m
- 54 pubs acquired, 533 sold
- Investment continued with £37m spent on 408 pubs
- Spirit managed estate (1,808 pubs at 4th March) acquired and operating successfully
- 8 weeks profit contribution in the period
- EBITDA of £37m
- Same store sales growth +3.2%
- Transfer to lease: 459 pubs now announced from likely total of 740
- Following full review of the Spirit estate the disposal of a further 380 managed pubs is now planned. The remaining 680 are high quality managed pubs with an average outlet EBITDA £231k per annum and excellent growth prospects
Giles Thorley, Chief Executive of Punch Taverns plc, commented:
“This is another excellent result demonstrating the benefit of our acquisition strategy combined with strong operational performance. We are delighted with the acquisition of Spirit which brings a new dimension to the Group and continued growth potential.
“After some further disposals and lease conversions Punch will own a very high quality managed house estate to complement our highly successful leased estate. These extremely valuable trading divisions are well funded, have very solid infrastructure, and provide an excellent platform to further grow the value of the business.”
22 May 2006
ENQUIRIES:
| Punch Taverns plc |
Today: 020 7457 2020 |
| Giles Thorley, Chief Executive |
Thereafter: 020 7868 8903 |
Robert McDonald, Finance Director
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| College Hill |
Tel: 020 7457 2020 |
| Justine Warren |
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| Matthew Smallwood |
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Ends |