Punch Taverns says turnaround on track
The group,which has been investing heavily in parts of its managed estate, says it is heartened by a 5.2% year on year rise in sales in its uninvested pubs.
In a statement covering trading for the 12 weeks to 5 March, Punch said its managed estate enjoyed like for like (LFL) sales growth of 8.6% from the corresponding period a year earlier.That raised LFL sales growth for the first two quarters of the group’s financial year up to 4.9%.LFL food sales over the 12 weeks rose 11.7% (28 weeks: +6.3%) while drink sales rose 7.0% on a LFL basis (28 weeks: +3.9%).
“We are pleased that our operational initiatives continue to translate into improved performance within both the managed and leased businesses. Despite the challenging UK consumer environment, we remain confident of further improvements being delivered in the second half of this financial year and are on track to meet our full year expectations,” said Ian Dyson, Punch’s chief executive.
Dyson is set to unveil the outcome of the company’s strategic review on 22 March.
