A BURTON-BASED pub giant has seen full-year revenue and profits slide as it continues its property disposal strategy to free up capital.
Punch Taverns, based on the Centrum 100 development, has seen revenue decline seven per cent to £458 million during the past year.
Pre-tax profits declined 23 per cent to £49 million, compared to £64 million last year.
The firm’s board said it would not be recommending a final dividend and was unlikely to make any payout to shareholders until its restructuring was complete.
Following discussions, bosses are set to start the restructuring of the business before the end of the year.
Stephen Billingham, executive chairman of Punch Taverns, said: “We have delivered profits for the year in line with our expectations, and returned the core estate to growth in the most recent quarter. We have made excellent progress in implementing operational changes during the course of the year, and this is reflected in our recent financial performance.
“Expectations of future net income growth for the core estate remain unchanged from those previously announced, with a return to like-for-like net income growth of up to one per cent expected in the 2014 financial year.”
Punch has also reduced its net debt by around £122 million.
During the past year, 433 pubs were sold off, which helped to raise £149 million.