Pub and bar owner Punch Taverns said on Wednesday it expects to meet its full-year forecasts as it moved its losses into profits during the first half of the year.The group reduced its net debt by £53m since the launch of a capital restructuring in October. It also said it expects to meet its £200m deleveraging target over the next three years.Punch Taverns saw the previous year's losses before tax of £174.9m turn into pre-tax profits of £348.5m.As a result, losses per share of 359.7p in the first half of 2013 moved to profits per share of 198.1p in the same period in 2014.However, revenues declined 5% to £221.7m.Executive chairman Stephen Billingham said: "We have delivered profits for the half year in line with our expectations and are on track to meet full year underlying Ebitda guidance of between £193 million and £200 million." Duncan Garrood will join the group as the new chief executive in June, moving from MH Alshaya where he has been the president of the food division since 2009.Numis analysts gave a 'buy' recommendation and a 160p target price.Shares were down 0.36% to 103p on Wednesday at 09:35.