Punch posts encouraging full-year results
Punch posts positive results, with revenue and EBITDA both up.
For the 52 weeks to 11 August 2024, total revenue at Punch Pubs & Co was £324.3m, compared to £313.5m in the prior year.
The increase in turnover is reflected in a similar rise in EBITDA, which came in at £89.1m for the period, up from £79.1m.
All three divisions (Leased and Tenanted, Management Partnership and Laine) of Punch delivered like-for-like sales growth for the 52 week period when compared to the prior year. Underlying EBITDA for the pub estates (Management Partnership, Leased & Tenanted and Laine) before central costs increased by £11.2m to £117.3m, up 11%.
During the year, the group acquired 36 pubs at a cost of £25.2m, which were funded by available cash resources and drawing on Punch's revolving credit facility.
It has identified the next tranche of pubs to convert to its Management Partnership model, with up to 70 sites earmarked for conversion. The pubco says it expects to see returns on future conversions of between 20% and 30%.
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