HUGH-GUY LORRIMAN |
The public statements of Punch are about stabilisation. However, the underlying trend which affects group profit forecasts remains, we believe, negative for the annual period.
SIMON FRENCH |
We remain positive on Punch as the group continues to make quicker-than-expected progress in improving the operating performance of the managed pub business.
PAUL HICKMAN | KBC PEEL HUNT
I am not as positive as some others. The managed pubs are doing a bit better, but the tenanted pubs which are the majority of the business have a long way to go. This business went into the recession with too much debt and too many pubs. One swallow does not make a summer.