UK: Punch Taverns half year profits increased only 1% to Ј133 million
Punch Taverns, which owns 8,400 locals, suffered a chilly winter. Beer demand slumped 10 per cent in the six months to the end of March, The Mirror published April 24.
The normally busy Christmas period gave little reason for cheer and the start of this year hasn't been much better.
Sales at Punch's 7,600 leased pubs and 800 managed outlets have dropped since January.
The company's shares fell almost eight per cent on the back of the announcement.
Bosses blame a combination of the smoking ban and the economic downturn for the tough six months' trading. And are now praying for a hot summer to lift their spirits.
Last summer was a washout after weeks of rain and floods in July. "This summer has got to be better," Punch chief Giles Thorley said, hopefully.
Half-year profits at the company rose just one per cent to Ј133million.
25 April, 2008
