Punch Taverns boosted by refurbishments
BRITAIN'S biggest pubs firm Punch Taverns said it expected full year earnings to be marginally ahead of its previous expectations, reflecting the benefit of pub refurbishments and good summer weather.
The company, which has more than 7,100 pubs, said sales at pubs it directly manages which have been open for more than a year rose by 2.6 per cent in the 12 weeks to August 21.
Punch said profit decline at the pubs it leases to tenants was expected to be broadly in line with the rate reported for the first half with an improvement in sales offset by lower margin on drinks sales and reduced rental income.