Punch Taverns plc, the operator of 7,371 leased and tenanted pubs throughout the UK, today announces interim results for the 28 weeks ended 6 March 2004.

Highlights

• Group turnover up 39% to £303 million (2003: £218 million) 
   
• Profit before tax and exceptionals up 30% to £72.5 million (2003: £55.6 million) 
   
• Adjusted earnings per share up 19% to 23.0p (2003: 19.4p)
   - up 30% with a normalised tax charge 
  
• Interim dividend increased by 38% to 2.9p (2003: 2.1p) 
    
• Continued organic growth in sales and profit - like for like turnover up 2.4% 
   
• Pubmaster included for 14 weeks from 1st December – integration going well 
   
• Exceptional items, largely relating to the Pubmaster acquisition, of £16.8m 

Giles Thorley, Chief Executive of Punch Taverns plc, commented:

“This is another period of excellent growth for the Group which clearly demonstrates the ongoing strength of our business model and the benefits that acquisitions bring. We have continued to invest in our estate and work in partnership with our retailers to enhance the quality of our operations to generate strong organic growth. Pubmaster is bedding in well and we will see further upside as our management techniques are implemented.”

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