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Latest pub sector news : Punch Taverns, Mitchells and Butlers, JD Wetherspoon

Latest pub sector news : Punch Taverns, Mitchells and Butlers, JD Wetherspoon

22/04/2010 by ukcitymedia.co.uk about : Company Reports - 0 Comments - 285 words


Punch Taverns, who have attracted a sell rating in the Investors Chronicle for most of the last year, have reported slightly better half year figures than expected. Pre-tax profits came in at £66m in the 28 weeks ended 6 March, from £82m at last reporting.

The pub group have made asset disposals that have generated £198m with rival pub operators like JD Wetherspoon interested in any opportunities that emerge in the asset sales. Punch was able to report that trading in the half year has continued inline with companies expectations as, generally, the results appear to be better than had been anticipated.

Chairman Peter Cawdron commented that "conditions remain challenging within the economy, especially in the pub sector but we firmly believe that the actions we have taken and will continue to take are the right ones to deliver long term sustainable growth for Punch Taverns and the stakeholders."

Last month Mitchells and Butlers indicated that it was to focus on food and likely to exit chains like All Bar One and O'Neill's after a strategic review. Company indicated that it would develop its core brands in Harvester, Toby Carvery, Crown Carveries, Sizzling Pub Co, Premium Country Dining Group and Vintage Inns with the number of outlets set to double from 913 to 1,900.

JD Wetherspoon had previously also announced its intention to create 10,000 new jobs over the next five years with the opening of 250 new pubs. Back in March chairman Tim Martin commented that 'Sales and profits are at record levels, notwithstanding the immense pressure on the pub business from government legislation'.


   

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