Punch Pubs revenues increase to £313.5m in FY23
All three divisions for the group – leased and tenanted, management partnership and laine – delivered like-for-like sales growth for the 52 week period when compared to the prior year
Punch Pubs has today (27 October) announced total revenues of £313.5m for FY23, up from £284.4m in FY22.
Over the 52 week period Management Partnership revenue has increased 24% from £112.8m to £139.8m.
All three divisions for the group – leased and tenanted, management partnership and laine – delivered like-for-like sales growth for the 52 week period when compared to the prior year.
Underlying outlet EBITDA for the pub estates before central costs increased by £1.1m to £106.1m despite the negative year-on-year impact from VAT and energy costs.
Despite this, EBITDA for the period was £79.1m, a decrease compared to FY22 EBITDA of £81.3m. The group said that the prior year result includes the benefit of the temporary reduced rate for VAT on food and non-alcoholic drinks, and lower energy costs, with a combined impact of £4m over the 52 week period.
Underlying EBITDA for the 52 weeks to 13 August 2023 of £81.3m compares positively to the £76m of Adjusted Underlying EBITDA from the wider Punch Group in the year to August 2019, being the most recent financial year prior to the covid pandemic.
The eight weeks trading post year end to 8 October 2023 has continued with strong like-for-like sales growth across all three divisions. Quarter 1 trading to date has been encouraging with profitability materially ahead of 2023.
The group now expects to benefit from inflation positively impacting leased and tenanted net income together with the improving margins and the benefit of maturing sales and profitability in the 71 pubs converted to the management partnership estate since August 2021.