Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Punch Taverns PLC (PUB)

  Print      Mail a friend       Annual reports

Friday 14 December, 2012

Punch Taverns PLC

Interim Management Statement

RNS Number : 5132T
Punch Taverns PLC
14 December 2012
 



PUNCH TAVERNS PLC

 

Interim Management Statement for the 16 weeks to 8 December 2012

 

Profit performance in line with management expectations

Average profit per pub is stable and overall profit performance is in line with management expectations.  We have achieved this despite the challenging market conditions which continued during the first quarter.

 

Whilst the average quality of the estate is expected to improve as we sell non-core assets, the core estate net income is expected to decline in the current financial year in line with that experienced last year as we rebalance rents in the short-term, with a return to growth expected in the next financial year.  Trading comparatives are much more challenging in the first half of this year and given this, net income in the core estate is down 5% on a like-for-like basis, in line with management expectations.  Trading comparatives are expected to improve in the second half of the year when the business will also benefit from the recent improvements in letting and investment activity.

 

Progress on delivering our key strategic initiatives

We ended the second half of last year with record levels of letting and investment activity and this increased level of activity has continued into the new financial year.

 

The percentage of core pubs on substantive agreements is strong at 94% and we are seeing healthy levels of interest from new applicants, supported by the recent launch of our new recruitment website.  The level of pub failures remains in line with last year, leaving 176 core pubs (6%) available for letting of which 70 have new partners in place awaiting legal completion.

 

We are committed to improving on the level of support we provide to our Partners.  We continue to build on the popularity of the Punch Buying Club with 53% of our drinks orders now placed online, up from 25% in December 2011.  We recently completed our 2012 roadshows, the largest in the sector and our most successful to date, surpassing previous record attendance with 53% of our Partners attending, bringing together a wide range of suppliers of drinks, food, services and expertise, all to help our Partners build their businesses.

 

We are rolling out nationally our new Punch Franchise Tenancy agreement for our community local pubs aimed at new entrants to the sector.  We have increased the size of specialist field teams in the areas of investment, marketing and food development.  The roll-out of free WiFi across our pub estate has been well received with over 1,500 Partners having already signed up for this offer.  At the same time as increasing our specialist field team support, we have made further head office efficiencies, as we continue to focus on cost reduction as the size of the non-core estate reduces.

 

Disposal programme on track

The non-core estate disposal programme remains on track.  Since commencing this programme in 2011 we have realised proceeds of £193 million from 758 pub disposals, slightly ahead of book value.  We expect to sell c.400 non-core pubs in the current financial year, having disposed of 86 pubs in the current quarter (including 11 pubs from the core estate) for proceeds of £26 million.

 

Capital structure review

As reported at the time of our full year results announcement in October, the Board has completed a detailed review of the Group's capital structure, and we are now progressing discussions towards a financial restructuring of the business.

 

Our current discussions with certain major shareholders and other significant stakeholders remain ongoing and, following the completion of a noteholder identification exercise, will be extended to include noteholders in both the Punch A and Punch B securitisations.

 

On the basis of the dialogue with stakeholders to date, the Board continues to believe that a restructuring can be successfully implemented.

 

 

Roger Whiteside, Chief Executive Officer of Punch Taverns plc, commented:

"Our performance in the first sixteen weeks of the financial year has been in line with management expectations.  While the UK consumer environment is likely to remain challenging for at least the near-term, we continue to make good progress with our clear operational plan to return the core estate to growth in the medium-term and extract maximum value from our non-core assets."

 

- Ends -

 

 

ENQUIRIES;

Punch Taverns plc

Tel: 01283 501 948

Roger Whiteside, Chief Executive

Steve Dando, Finance Director

 

 

Brunswick Group LLP

Tel: 0207 404 5959

Jonathan Glass

Sophie Brand

 

Forward-looking statements

This announcement may contain certain statements about the future outlook for Punch.  Although we believe our expectations are based on reasonable assumptions, any statements about future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IMSDXLFFLLFXFBF