A BURTON-based pub giant has revealed that it expects to see increasing improvement in income following the release of its latest financial results.
Senior bosses at Punch Taverns, based in Centrum 100, told the Mail that overall profit performance for the year was ‘in line with expectations’.
However, like-for-like net income is up by 0.4 per cent for the 12 weeks to August 17.
It was also announced that the later half of year will see the firm begin a restructure of the business.
Stephen Billingham, executive chairman of Punch Taverns, said: “ We have made excellent progress in implementing operational changes that we expect will deliver further improvements in the underlying performance of the business. “Our profit performance for the year has been in line with management expectations.
“We are encouraged by our first quarter of net income growth since demerger, and we reiterate our previous expectations of net income growth in the core estate for the years ahead.”
The average net income per pub for the past year was up by 1.5 per cent.
The firm also sold a total of 433 pubs for £149 million.
Punch has also made ‘significant improvements’ to its letting, investment, sales and marketing departments - a move that bosses say is reflected in its financial performance.
As part of the firm’s bid to invest in around two thirds of its ‘core estate’ of 2,900 pubs over the next five years, it has spent an average of £102,000 on 476 pubs.
A spokesman for the firm said: “This investment is transforming the customer offer in these pubs and we are achieving our target returns for these investments.”
The new financial year also saw the launch of a new business development team.
A spokesman added: “This specialist team has been put in place to support all new partners with their initial investment, the launch of their pub and throughout their first six months of trading.
“We are confident that the addition of this support to new partners with a focus on the retail offer to consumers will help drive sales, improve profitability and reduce the level of failures.”
Future growth is set to increase by two per cent by 2015 at the firm.