ANALYST VIEWS: ARE YOU ENCOURAGED BY THE POSITIVE UPDATE FROM PUNCH?

HUGH-GUY LORRIMAN |
SEYMOUR PIERCE

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 |
PANMURE GORDON

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.