Punch Taverns PLC Punch Taverns Full Year Trading Statement 2016 (4791I)
August 31 2016 - 2:01AM
UK Regulatory
TIDMPUB
RNS Number : 4791I
Punch Taverns PLC
31 August 2016
Punch Taverns plc
("Punch")
Year End Trading Statement for the 52 weeks to 20 August
2016
FULL YEAR PROFITS IN LINE WITH MANAGEMENT EXPECTATIONS
Punch completed its 52 week financial year on 20 August 2016 and
expects to issue its full year results for the same period on 8
November 2016.
Performance in line with management expectations:
n Continued growth from a higher quality pub estate:
n Average profit per pub across the entire estate up c.4%
n Core estate like-for-like net income(*) growth of 1.0%
n Retail division operating ahead of expectations:
n 177 pubs identified to operate under the Retail contract, with
97 pubs trading or in progress of conversion at 20 August 2016
n Pub roll-out plans accelerated to c.150 pubs per year (up from
previous guidance of 100-120 pubs per year)
Strengthened balance sheet:
n Nominal net debt reduced by approximately GBP225 million (16%
reduction in the year)
n Nominal net debt to EBITDA leverage reduced to c.6.6 times
(August 2015: 7.2 times)
n Property estate externally valued by GVA at c.GBP2,030
million; c.GBP850 million in excess of nominal net debt. The 2016
property valuation represents a net uplift of approximately GBP40
million on the prior year valuation, after accounting for pub
disposals.
n Net nominal debt to property valuation reduced to 58% (August
2015: 64%)
n Strategic disposal programme is now complete, having delivered
ahead of expectations:
n c.GBP83 million - individual property and land sales
n GBP53 million - package disposal of non-core pubs (previously
announced)
n GBP99 million - disposal of 50% holding in Matthew Clark
(previously announced)
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, 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."
31 August 2016
* Core estate like-for-like net income represents revenue less
cost of drink sales (gross profit) for all pubs in the Core estate
other than those transferred to the Retail division.
ENQUIRIES;
Punch Taverns plc Tel: 01283 501 948
Duncan Garrood, Chief Executive Officer
Steve Dando, Chief Financial Officer
Brunswick Group LLP Tel: 0207 404 5959
Jonathan Glass
Joe Shipley
Inside information and forward-looking statements
This announcement contains inside information.
This announcement may contain certain statements about the future
outlook for Punch. Although we believe our expectations are based
on reasonable assumptions, any statements about future outlook may
be influenced by factors that could cause actual outcomes and results
to be materially different.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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