Punch Pubs has reported a jump in annual revenues after acquiring 74 additional pub venues, with the Burton-upon-Trent-based hospitality firm saying trading has remained "strong" in recent weeks despite pressure on consumer budgets.
Revenues increased by 11.8% to £377.8 million for the year to August 9, compared with a year earlier. The company attributed the growth partly to an acceleration in its expansion strategy, having bought 74 pubs over the year, up from 35 in the previous year.
Expansion to 1,327 pubs
The expansion has taken Punch's estate to 1,327 pubs, including 30 pubs bought from Hertfordshire group McMullen's as well as a number of smaller deals. Boss Andy Spencer said the group's acquisition strategy is "gathering pace", helping to strengthen its market position.
Punch said it has a "robust pipeline" of further pub acquisitions and has completed on, exchanged or agreed to buy 12 pubs for a total of £12.8 million since the end of the previous financial year in August.
Strong trading and outlook
Bosses added that trading was "strong" in the eight weeks to October 4, with underlying earnings up 13% year on year.
Mr Spencer said: "This has been another year of strong performance for Punch, which is a testament to our brilliant teams, the fantastic publicans we work in partnership with, and our clear, disciplined strategy that continues to deliver results.
"Despite ongoing economic pressures across the sector, we enter the new financial year with real confidence.
"We are ahead of the ambitions we set out in 2025, have built a scalable, data-informed business capable of acquiring, enhancing and operating great community pubs, driven by outstanding publicans; and with around 1,300 pubs in a market of approximately 45,000, we see a significant runway for future growth."
