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Average profits up in Punch Taverns pubs after non-core disposals

Published:  02 September, 2015

Punch Taverns says it has seen the benefit of a disposal programme of non-core pubs with average profits per outlet up 4% across its estate.

The company said it expects to report underlying earnings of between £193 and £200 million when its full-year results come out on November 12.

The year to August 22 saw core estate net income up 0.3% on a like-for-like basis.

Pub disposals brought in £89 million and debt was reduced by £513 million during the year.

Punch announced the disposal of a further 158 pubs for £53.5 million to New River Retail after its year-end.

Chief executive officer Duncan Garrood said: "The business has ended the year with a solid set of results, in line with our expectations.

"The business has clear plans for further debt reduction and will benefit from being able to focus more resources on the higher quality core pub estate."