23 Jan 2015 16:02
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Don't have an account? Click here to register.Punch Taverns swings to profit
Tue, 08th Nov 2016 08:12
(ShareCast News) - Pub operator Punch Taverns swung to a pre-tax profit in the 52 weeks to 20 August.In its preliminary full-year results, the group said pre-tax profit came in at £60m versus a loss of £105m the year before. However, underlying pre-tax profit fell to £53m from £61m and revenue declined to £406.8m from £420.8m.Underlying earnings before interest, taxes, depreciation and amortisation fell to £178m from £196m the year before, reflecting the impact of £324m of strategic disposals completed over the last 24 months.Average profit per pub across the entire estate was up 4%, benefiting from the disposal of non-core pubs, while core estate like-for-like net income was up 1%.Chief executive officer Duncan Garrood said: "The business has ended the year with a solid set of results, in line with our expectations, and which reflects the completion of our strategic disposal programme."We have made good progress towards delivering on the strategy we set out in November 2015. In particular the roll-out of our retail division is progressing well and we are accelerating the roll-out to around 150 pubs per year."Punch said that while the new Pubs Code Regulations are impacting letting activity in the short term, its expectations for the longer-term growth prospects of the business remain unchanged.At 0830 GMT, the shares were up 2.5% to 115p.
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20 Nov 2014 17:19
Thursday tips round-up: Enterprise Inns, Punch Taverns, ICAP
Change is good, but not quite what UK MPs have in mind. Their vote in favour of ending the so-called 'beer-tie' is a great idea. In effect, it will allow large pub operators to purchase their beer from wherever they like, instead of being forced to buy it from the likes of Enterprise Inns or Punch T
Read more19 Nov 2014 14:42
UK pub firms hit by move to curb power over tenants
* Shares in pub owners fall after parliament vote * Move to give tenants more freedom on beer buying By Neil Maidment and William James LONDON, Nov 19 (Reuters) - British pub groups suffered on Wednesday after lawmakers backed a move to hand publicans more control over where the
Read more19 Nov 2014 12:30
Broker tips: Pub companies, IMI, National Grid
Analysts at Barclays have said a de-rating of UK pub stocks is "very likely" after MPs voted to scrap the 'beer tie', meaning that tenants are now allowed an independent rent review and will be able to buy beer on the open market. "If this passes through the House of Lords and becomes law, this coul
Read more19 Nov 2014 10:56
Beer tie vote creates 'significant uncertainty' for pubcos, says Barclays
Analysts at Barclays have said a de-rating of UK pub stocks is "very likely" after MPs voted to scrap the 'beer tie', meaning that tenants are now allowed an independent rent review and will be able to buy beer on the open market. The government was defeated in a Commons vote on Tuesday with MPs vot
Read more19 Nov 2014 09:54
BUZZ-UK pub operators: slump after vote for flexible "beer-tie" deals
** Listed British pub operators saw as much as 330 mln pounds ($516.22 mln) wiped off their market value after lawmakers unexpectedly voted to give people who lease pubs from big companies more freedom about where they buy their beer. ** Enterprise Inns falls as much as 17 pct, the worst of
Read more19 Nov 2014 07:13
Pub firms say beer tie vote may spark closures and job losses
It has been hailed as a historic vote that could secure the future of the British pub, but Parliament's decision to scrap the restrictive 'beer tie', which links pub landlords' rent and supplies to their parent pub companies, might have "serious unintended consequences" on the industry, according to
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