Punch Taverns PLC Regulatory News (PUB)

Punch Taverns plc

("Punch")

Year End Trading Statement for the 52 weeks to 22 August 2015

FULL YEAR PROFITS IN LINE WITH MANAGEMENT EXPECTATIONS

Punch completed its 52 week financial year on 22 August 2015 and expects to issue its preliminary results for the same period on 12 November 2015.

Overall profit performance for the year was in line with management expectations and previous guidance and we expect to report underlying EBITDA of between £193 million and £200 million.

Highlights:

n Positive like-for-like trends in net income; core estate net income up 0.3%;

n Disposal proceeds ahead of guidance at £89 million, above book value and at a multiple of 26 times EBITDA;

n Further reduction in nominal net debt; down £513 million in the year and down by £102 million since the October 2014 refinancing to £1,406 million;

n Property estate externally valued at £2,097 million; £691 million in excess of nominal net debt;

n Exchanged contracts with NewRiver Retail for the disposal of 158 non-core pubs for £53.5 million (average of c.£340,000 per pub); disposal expected to complete on 11 September 2015;

n Higher quality pub estate; average profit per pub up c.4% benefiting from the disposal of non-core pubs; the core estate is now expected to generate c.95% of pub EBITDA in the 2016 financial year.

Duncan Garrood, Chief Executive Officer of Punch Taverns plc, commented:

"The business has ended the year with a solid set of results, in line with our expectations. The business has clear plans for further debt reduction and will benefit from being able to focus more resources on the higher quality core pub estate.

Since joining Punch on 15 June I am excited by the opportunities I see in the business. I look forward to updating the market on our plans when we present our full set of results on 12 November."

1 September 2015

- Ends -

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