Punch posts £160m loss
The chief executive of Burton-upon-Trent pub giant Punch Taverns has declared that “there remains room for improvement across all aspects of our business” after posting a statutory loss of £160m this morning. Ian Dyson added that he would "review" the company's trategy in upcoming months.
In its preliminary results for the year to 21 August 2010, the company said that the loss came after ‘exceptional items’, including a £218m charge for pub impairments to appropriately value the non-core estate.
Following the writedown, the company said that each share had made a basic loss of 24.9p.
Despite netting a pre-tax profit of £131m in its 2010 report, chief executive Ian Dyson said “the economic environment is very difficult”, but reported that recent trade was more encouraging. The company had posted a pre-tax profit of £160m in its 2009 results.
Dyson, who took up the chief executive role in May this year, said: "I am delighted to have joined Punch and to have the opportunity to build on the progress made over the last year.
"While we have been encouraged by more recent trends in both the leased and managed businesses, the economic environment is very difficult and there remains room for improvement across all aspects of our business. I have started a comprehensive review of our strategy, operating performance and capital structure with a view to exploring options to create value for our shareholders.”
