7 Nov 2014 16:05
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Punch Taverns PLC Information
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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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7 Nov 2014 06:15
6 Nov 2014 15:28
6 Nov 2014 10:01
Thursday broker round-up UPDATE
Amec: UBS cuts target price from 1185p to 1150p, while its buy recommendation remains unchanged. Afren: Liberum Capital cuts target price from 121p to 95p and stays with its hold recommendation. Antofagasta: Canaccord cuts target price from 790p to 760p and reiterates a hold recommendation. Associ
Read more6 Nov 2014 06:17
5 Nov 2014 16:00
4 Nov 2014 08:04
UPDATE 1-Greene King, Spirit Pub agree on $1.24 bln takeover offer
(Adds details, background, share movement) Nov 4 (Reuters) - Brewer and pub owner Greene King Plc said it had reached an agreement on a recommended offer for Britain's Spirit Pub Company Plc, valuing Spirit Pub at about 773.6 million pounds ($1.24 billion). The offer values each Spir
Read more4 Nov 2014 07:29
Greene King, Spirit Pub agree on $1.24 bln takeover offer
Nov 4 (Reuters) - Brewer and pub owner Greene King Plc said it had reached an agreement on a recommended offer for Britain's Spirit Pub Company Plc, valuing Spirit Pub at about 773.6 million pounds ($1.24 billion). The deadline for the takeover offer was extended last week to hold further
Read more9 Oct 2014 15:32
Numis Securities upgrades Punch Taverns after debt shake-up
Prospects for Punch Taverns are looking up after the pub company completed its debt overhaul, according to Numis Securities. The broker upgraded Punch to 'buy' from 'hold' with a target price of 10p. It said it preferred Punch to rival Enterprise Inns as Punch, which this week completed a restructu
Read more9 Oct 2014 09:27
Thursday broker round-up UPDATE
African Barrick Gold: Numis reduces target price from 330p to 270p keeping its hold recommendation. Antofagasta: Numis upgrades to hold with a target price of 700p. Aureus Mining: Numis lowers target price from 45p to 40p staying with its buy recommendation. Boohoo: Barclays initiates with a targe
Read more8 Oct 2014 08:07
BUZZ-Punch Taverns: hits 21-month low on equity dilution
** British pub company Punch Taverns falls 7.3 pct to lows not seen since January 2013 after news of an equity dilution. ** Received approval on Tuesday from Royal Bank of Scotland to restructure its 2.3 billion pound debt. ** Under the restructuring plan released in June, Punch's net
Read more7 Oct 2014 13:32
Punch Taverns gets final approval for restructuring
Oct 7 (Reuters) - Punch Taverns Plc said it had received approval from Royal Bank of Scotland Plc for its plan to restructure its 2.3 billion pound ($3.70 billion) debt, allowing the restructuring to proceed. The pub operator said in August that owners of 65 percent of its notes supported t
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