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Pin to quick picksPunch Taverns PLC Share News (PUB)

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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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2 Oct 2014 14:04

Punch Taverns gets Lloyds Bank approval for restructuring

Oct 2 (Reuters) - Punch Taverns Plc said it had received approval from Lloyds Bank Plc for its plan to restructure its 2.3 billion pound ($3.7 billion) debt. The pub operator said in August that owners of 65 percent of its notes supported the plan, but that it had yet to secure the backing

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2 Oct 2014 13:41

Punch Taverns Takes Step Closer To Completing Debt Restructuring (ALLISS)

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23 Sep 2014 17:10

UPDATE 2-UK pub firm Spirit rejects Greene King's $1 bln approach

(Recasts with Spirit statement, updates shares) By Neil Maidment LONDON, Sept 23 (Reuters) - British pub chain Spirit Pub Co said it had rejected a 661 million pound ($1.08 billion) takeover approach from rival Greene King, reasoning it undervalued the company and its "attractive pro

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18 Sep 2014 11:38

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18 Sep 2014 10:23

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18 Sep 2014 07:23

UK MORNING BRIEFING: Merlin Provides Light Entertainment As Polls Open

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18 Sep 2014 07:03

Punch Taverns Debt Restructuring Plan Finally Agreed

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17 Sep 2014 16:46

UPDATE: Punch Taverns Says Noteholders Approve Of Restructuring Proposals

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17 Sep 2014 14:48

Punch Taverns Shareholders Approve Restructuring Proposals

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5 Sep 2014 07:45

Punch Taverns Says Support Growing For Latest Debt Restructuring Plan

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24 Aug 2014 19:51

Sunday newspaper round-up: BG Group, Bank of England, Flotations

While it casts about for a replacement for recently defenestrated chief Chris Finlayson BG Group is set move along with plans to shrink its international holdings. That is now understood to include its entire 60% holding in exploration Block 3 offshore Tanzania, while holding on to similar stakes in

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18 Aug 2014 17:24

Punch Taverns proposes cutting debts by £600m

Punch Taverns, the Burton upon Trent-based pub and bar operator, announced the full terms of its restructuring proposals on Monday, as it seeks to reduce its £2.26bn debts. In an official statement, the company said the proposals were broadly similar to those announced last week, which were delayed

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18 Aug 2014 11:10

Punch Taverns says 65 pct of noteholders back restructuring plan

Aug 18 (Reuters) - Punch Taverns Plc said owners of about 65 percent of its notes now supported its plan to restructure about 2.3 billion pounds ($3.9 billion) of debt, up from about 59 percent in June. Punch, which began the process of restructuring its debt in 2012, said shareholders cont

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18 Aug 2014 09:05

Punch Taverns Reveals Terms Of Debt Restructuring Proposals

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11 Aug 2014 08:13

Punch Taverns Says Restructuring Of Debt Delayed

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