Highlights

• Group turnover up 33% to £404 million  (2004:  £303 million)

• Profit before tax, amortisation and exceptionals up 39% to £103 million (2004: £74 million)

• Profit before tax and exceptionals up 37% to £99 million (2004:  £73 million)

• Adjusted earnings per share up 29% to 29.6p (2004:  23.0p)
-  up 36% with a 30% normalised tax charge

• Interim dividend increased by 28% to 3.7p (2004:  2.9p)

• Continued organic growth in sales and profit  - like for like turnover up 3.4%

• Both the Pubmaster and InnSpired estates trading well

• Continued investment in estate:  £26 million on 397 developments

• Satisfactory start to trading in the initial weeks of the second half

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

“The Group has had an excellent first half and these results are testament to continued underlying organic growth in sales and profit across the estate, together with a strong performance from both the Pubmaster and InnSpired acquisitions.  We continue to see good potential for further sector consolidation and remain well placed to take advantage of future acquisition opportunities. 

“Punch has proven the resilience of its business model and whilst there are some suggestions of a more challenging consumer market the Directors remain confident of a satisfactory outcome for the year.”

28 April 2005

Click here to view the full results in the Investor Room Announcements section

Enquiries:
Punch Taverns plc 
Giles Thorley, Chief Executive 
Robert McDonald, Finance Director
Today: 020 7457 2020, thereafter: 020 7868 8903
 
College Hill Tel: 020 7457 2020
Justine Warren 
Matthew Smallwood