A BURTON-BASED pub giant has revealed that it is pinning hopes of reviving its fortunes on a summer of sporting events and the Queen’s Diamond Jubilee.
Punch Taverns, based in Centrum 100, released second quarter financial results which showed that the firm was on target to meet profit expectations despite experiencing issues with failing pubs that could hinder long-term growth.
On average, the net income across its 4,790 pubs increased by 0.8 per cent but like-for-like figures at its core states of 2,946 pubs dropped by 2.9 percent in this quarter and 2.1 per cent in total for the financial year so far.
The decrease in trade and profit was put down to ‘soft’ trading at Christmas which continued into January and February.
Chief executive Roger Whiteside said: “Punch has a clear operational plan to return the core estate to growth in the medium-term and extract maximum value from our non-core assets.
“Profitability in the first 28 weeks of the financial year has been broadly in line with management expectations.
“While we remain cautious on the nearterm consumer environment, we have strong plans in place and expect to benefit from the Queen’s Diamond Jubilee, England football team competing in Euro 2012 and the Olympic Games in the second half of the year.
13 Mar 2012
Pub chain pins its hopes on a bumper jubilee June
via burtonmail.co.uk
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