PUNCH TAVERNS PLC
(“Punch” or “the Group”)
Preliminary Results for the 52 Weeks ended 20 August 2005
Growth momentum continues across the estate
Punch Taverns plc, the operator of over 8,200 leased and tenanted pubs throughout the UK, today announces preliminary results for the 52 weeks ended 20 August 2005.
Highlights
• Group turnover up 21% to £770 million (2004: £638 million)
- like for like turnover up 2.5%
• EBITDA (pre exceptional items) increased by 21% to £412 million (2004: £339 million)
- like for like pub profit up 2.5%
• Profit before tax (pre exceptional items and amortisation) up 28% to £207 million (2004: £161 million)
• Adjusted earnings per share (pre exceptional items) up 28% to 62.3p (2004: 48.8p)
• Good results driven by:
- continued organic growth – existing Punch estate average EBITDA per pub up 4%
- acquisition and completed integration of InnSpired and Avebury plus 106 individual pubs
• Proposed final dividend of 7.6p, bringing the total dividend for the year to 11.3p, representing an increase of 26% (2004: 9.0p)
• Continued investment in estate: £63 million including 936 developments
• Trading in the current year is in line with expectations
Giles Thorley, Chief Executive of Punch Taverns plc, commented:
“We have had another year of good progress driven by organic growth and value-enhancing acquisitions. With the constant application of our proven strategy our enlarged estate will continue to deliver sustained growth.
“Current trading is satisfactory and in line with the Board’s expectations. We are continuing to focus on supporting our retailers to build their businesses and remain well placed to acquire further quality pubs through piecemeal and innovative corporate acquisitions.”
Click here to view the full results in the Investor Room Announcements section.
10 November 2005
Enquiries:
| Punch Taverns plc |
Today: 020 7457 2020
Thereafter: 020 7868 8903 |
| Giles Thorley, Chief Executive |
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| 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