Look at it!

Since the start of the financial year we have reduced gross debt by 684 million, being 17%. Net debt at the year end stood at 3.1 billion.!!!!

Final Results.

Financial Performance *

EBITDA* of 422 million (2009: 514 million)

Profit before tax of 131 million (2009: 160 million)

Disposal proceeds of 299 million comprised largely of non-core assets - achieved at an average multiple of 16x EBITDA

Basic earnings per share of 14.4p



Statutory Results (after exceptional items) **

Loss after exceptional items of 160 million following a net exceptional charge of 253 million. All of the exceptional charges were non-cash except for 2 million of reorganisation charges

Exceptional items include a 218 million charge for pub impairments to appropriately value the non-core estate

Basic loss per share after exceptional items of 24.9p

Net Asset Value per share of 229p

Time to short PUB again to 60p.

What a carry on.

Punch to cull 1,300 pubs as profits slip

Pub owner Punch Taverns has served up full-year results in line with expectations and announced plans to sell another 1,300 pubs to help pay off its huge debts.

In his first set of numbers as chief executive, Ian Dyson reported a drop in pre-tax profit to 131m for the 52 weeks ended 21 August compared with 160m in 2009.

One-off charges of 253m caused a loss after exceptional items of 160m, while revenue slipped to 1.28bn from 1.44m last time. Today's numbers had been well-flagged in a trading update in August.

Like for like sales at the managed estate were down 2% on last year, but things picked up in the second half, especially in the final quarter. Like sales for the last 12 weeks rose 2.6%.

This is heading to 30p imo.


again.

yes, looks very unhappy today. Horrendous chart.

Wait till PUB results are out and it will be 40p.

Keep on selling PUB.

This is over-valued .

It is only worth 40p.

I'm not usually cynical.

Last orders at Punch...?

at 59p the future looks bleak.

up 6.6% atm

8%....

short @ 63.6

Just had a sip @75.85.

Third Quarter Trading Update.

Highlights

Progress in all areas of the business

Strong sales growth in Spirit

Further improvement in trends in Punch

On track to meet our full year expectations

Good progress on demerger plans



Spirit

Managed like-for-like sales +7.3% (+5.7% 40 weeks)

o Food +8.4% (+7.0% 40 weeks)

o Drink +7.3% (+5.0% 40 weeks)

Leased like for like net income -0.7% (-3.9% 40 weeks)