Look at it!

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)

share split?

splat :-

RNS Number : 0751L

Punch Taverns PLC

26 July 2011

26 July 2011

Punch Taverns plc Result of General Meeting

Punch Taverns plc (the "Company") is pleased to announce that at a General Meeting of the Company, held today at One Bunhill Row, London, EC1Y 8YY at 9.30 a.m. all resolutions, as set out in the Notice of General Meeting dated 7 July 2011, were passed by the Company's shareholders, including the resolution to approve the demerger of the Company's "Spirit" business (the "Demerger").

Accordingly, it is expected that the Demerger will become effective on Monday, 1 August 2011 and that dealings in the shares of Spirit Pub Company plc will commence at 8.00 a.m. on that day.

Details of the number of shares in respect of which proxy appointments have been made and the proxy votes cast for, against and withheld for each resolution will shortly be available on the website www.punchtaverns.com.

Copies of the resolutions passed by shareholders will be submitted to the National Storage Mechanism and will shortly be available for inspection at www.Hemscott.com/nsm.do.

SPRT

Spirit demerged.