Punch Taverns' profits fall 20 per cent
Friday 23 April 2010
Punch Taverns, the debt laden pubs chain, saw profits sink 20 per cent as the group continued to struggle in the "challenging conditions" for the industry.
The group – which is searching for a new chief executive after Giles Thorley last month announced he was to leave the group after nine years – reported pre-tax profits had fallen to £66m in the 28 weeks to March 6, from £82m the previous year. Shares in the company fell 1.35p to 96.65p following the announcement yesterday.
Its chairman, Peter Cawdron, said: "There is no doubt that conditions remain challenging across the economy and especially in the pub sector." The group also revealed it was paying £2m a month to support struggling tenants.
Punch has been cutting costs and selling off assets in an attempt to slash its debt pile. It said yesterday that it had cut debts by £1.2bn in the past 18 months, to £3.2bn. The group said it was on track to raise £300m from asset sales.
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...