Punch Pubs & Co shares full-year trading update

Punch Pubs & Co has announced its trading update for the 52-week period to 10 August 2025.

The operator of 1,266 pubs, 92% of which are owned on a freehold or long-leasehold basis, posted a total revenue of £337.9m compared to £323.5m in the prior year.

Both its Leased and Tenanted (L&T) and Pub Partnership divisions delivered like-for-like underlying EBITDA growth for the period. Underlying EBITDA for the pub estates before central costs increased by £7.1m to £129.8m.

EBITDA for the period was £95.8m (2024: £88.6m).

Punch says its strong profit growth stems from growth in its like-for-like estate, driven by inflationary price increases and trade-enhancing capex investment. It has also seen maturing profits from pubs converted from L&T to Pub Partnerships (managed).

Its acquisitions of single sites and small pub portfolios (with 35 acquisitions completed in the year) have also contributed to the encouraging numbers, as well as a £5.1m cost saving plan identified in partnership with Deloitte.

Investment 

In the 52-week period, Punch spent £20m on the acquisition of 35 pubs and £40m on expansionary and maintenance capital. This compares to £28m in the prior year.

Its capital expenditure also includes improvements in energy efficiency, increasing the percentage of pubs (non-listed) with SAP rating C or greater to 94% of pubs at 10 August 2025. Punch says it has a clear pathway to increasing this to 100% by 31 December 2026.

Punch converted a further 14 pubs from L&T to Pub Partnerships in Q4, with 36 pubs now having been converted for the year.

Net proceeds from the sale of properties in the period was £12.6m.

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