Punch still on the ropes

Underlying operating profits at Punch Taverns fell by almost 8 per cent to £128m in the first half, and a return to profitability at the pre-tax level was only achieved because there was no repeat of last year's £362m write down in assets. There is a still a huge debt pile to manage, and with customers turning away from pubs, Punch shares are still looking pretty drunk.

visible-status-Subscription-Only story-url-PunchTaverns_result_120412.xml