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Punch profits down 8m

Published:  23 July, 2008

Demerger of Spirits could follow profits warning.

Like-for-like sales over the year to August 18 were up 2.7% in Punch's leased estate and 3.2% in its managed estate, thanks to Spirit's performance which accounts for around 10% of Punch's total 8,448 estate.

Shares rose 13p to 1,079p, largely on speculation of the Spirits demerger, which comes after a 20% fall in the company's share price over the last two months.