The recovery of Punch Taverns, the pubs group that was almost brought down by its huge debt mountain during the credit crunch, is a long drawn-out process and Thursday's interim results are likely to focus on the familiar twin themes of declining like-for-like (LFL) sales and the pubs disposal programme.
In the 12 weeks to March 3rd, Punch reported a LFL year-on-year income decline of 2.9% in its core estate - the pubs it hopes to keep hold of - while the 'up for sale' pubs in aggregate saw LFL sales down 10.2%. Any improvement in those trends would be seen as cause for a drink.
The group remains on track to dispose of 400-500 pubs for the full-year following 214 pub disposals in the first half of its current financial year for £62m, which broker Panmure Gordon notes is slightly ahead of book value.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
On the economic front, UK trade figures are out at 9:30. Barclays Capital expects the trade deficit to widen to £7.8bn, wich is slightly more pessimistic than the consensus forecast of £7.7bn.
INTERIMS
Punch Taverns
INTERIM DIVIDEND PAYMENT DATE
Casdon plc, London Finance & Investment Group, Wilmington Group
QUARTERLY PAYMENT DATE
GlaxoSmithKline
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Bloomberg Consumer Confidence (US) (14:45)
Continuing Claims (US) (13:30)
ECB Report (EU) (09:00)
Industrial Production (EU) (10:00)
Initial Jobless Claims (US) (13:30)
Producer Price Index (US) (13:30)
FINALS
Elektron Technology, Escher Group Holdings, JD Sports Fashion, Networkers International
ANNUAL REPORT
Fidelity European Values, Mam Funds
IMSS
Galliford Try, Hays, XP Power Ltd. (DI)
SPECIAL DIVIDEND PAYMENT DATE
GlaxoSmithKline
AGMS
Baronsmead VCT 5, BP, Primary Health Properties, Smith & Nephew
TRADING ANNOUNCEMENTS
Mothercare
UK ECONOMIC ANNOUNCEMENTS
UK Trade (09:30)
FINAL DIVIDEND PAYMENT DATE
Rio Tinto
FINAL EX-DIVIDEND DATE
Sagicor Financial Corp.
JH
-
How to invest during stagflationTrump’s tariffs look poised to push the global economy into a period of stagflation. We look at how to ensure your investments can survive a global slowdown.
-
Best-performing funds and investment trusts for stocks and shares ISAs of all timeAs ISAs celebrate their 26th birthday, we reveal the best-performing funds and investment trusts since stocks and shares ISAs launched in April 1999, and how much they would be worth today
