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Morning Briefing for pub, restaurant and food wervice operators

Wed 31st Aug 2016 - Punch reports average profit per pub up 4%
Punch reports average profit per pub up 4%: Punch has reported that average profit per pub rose by circa 4% in its 52 week financial year that ended on 20 August 2016 and expects to issue its full year results for the same period on 8 November 2016. Its core estate saw like-for-like net income growth of 1%. A total of 177 pubs have been identified to operate under the Retail contract, with 97 pubs trading or in progress of conversion at 20 August 2016. Its pub roll-out plans has accelerated to circa 150 pubs per year (up from previous guidance of 100-120 pubs per year). Nominal net debt has been reduced by approximately £225 million (16% reduction in the year) and nominal net debt to Ebitda leverage reduced to circa 6.6 times (August 2015: 7.2 times). Its property estate has been externally valued by GVA at circa £2,030 million, circa £850 million in excess of nominal net debt. The 2016 property valuation represents a net uplift of approximately £40 million on the prior year valuation, after accounting for pub disposals. Net nominal debt to property valuation has reduced to 58% (August 2015: 64%). Its strategic disposal programme is now complete, having delivered ahead of expectations. Duncan Garrood, chief executive of Punch Taverns, 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. The roll-out of our retail division is progressing well and we now plan to accelerate the roll-out to c.150 pubs per year. I look forward to updating the market fully when we present our full set of results on 8 November.”

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