Punch optimistic despite profits fall

Shares in pub group Punch Taverns fell back after it reported a fall in interim profits.Pre-tax profits in the 28 weeks to 5 March fell to £61m from £66m over the same period a year ago. Revenues slipped to £655.4m from £676.6m.Broker Panmure Gordon had been looking for a profit before tax figure of £62.6m. Despite the fall in profits, chief executive Ian Dyson was optimistic on full-year prospects. "Despite the challenging UK consumer environment, we remain confident of making further progress in the second half of the financial year. We have had a good start to the third quarter and are on track to meet our full year expectations," he said.Punch also named the chairman of Spirit, the managed pubs arm that is to be spun off from Punch. Walker Boyd, non-executive chairman of newsagent chain WH Smith, is in line for the same job at Spirit. The 58-year old Boyd will join the Punch board with immediate effect as a non-executive director. Prior to becoming chairman of WH Smith in September 2010 Boyd was group finance director at Signet Jewellers from 1995 to June 2010. "He brings a significant amount of consumer and City experience to the team, having held senior leadership roles in both UK and US listed companies working in challenging market environments," said Dyson. "I am excited to be joining the group and by the opportunity to be chairman of Spirit following the demerger," Boyd said. "Strategic and operational progress is already being made across the business and it is well positioned for growth. I look forward to working with Spirit's management team to help develop the strategy and the execution required to deliver shareholder value," he added.