• EBITDA increased by 26% to £340 million (2006: £269 million)
• Profit before tax and asset sales up 12% to £130 million (2006: £116 million)
• Basic earnings per share up 10% to 38.5p (2006: 35.1p)
• Interim dividend up 16% to 5.1p (2006: 4.4p)

• Profit before tax up 28% to £138 million (2006: £108 million)
• Basic earnings per share up 11% to 42.9p (2006: 38.8p)

Unprecedented levels of activity in the leased estate

• EBITDA increased 7% to £249 million, average profit per pub up 8%
• 50 pubs acquired, 260 pubs transferred from managed, and 37 sold
• £46 million invested at 571 pubs, 308 rent reviews and 818 new lettings
• Post the period end 869 pubs agreed to be sold to Admiral Taverns further enhancing overall estate profit per pub and quality
• Recently announced Matthew Clark joint venture to increase product range and expertise

Portfolio of high quality managed pubs performing well

• Core estate outlet EBITDA increased 2% to £83 million with like for like revenue growth up 5%
• Focused estate structure with food sales up 7%
• Complementary acquisition of Mill House Inns with 82 quality managed pubs

Outlook

• Transfer to lease programme on track to complete by August 2007 with 519 lettings now agreed
• Second half trading is in line with expectations

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

“This is an excellent set of results in what has been an extremely active period for Punch. Both our leased and managed estates continue to perform well and will be further enhanced by the completion of the transfer to lease process and recently announced corporate transactions.

“We now have in place an estate of the highest quality. We remain confident of another year of progress for the Group as we continue to build the UK’s leading pubco and to maximise value for shareholders.”

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