Some things are yet to change at Punch Taverns. The numbers for the full year were dominated by its gargantuan net debt pile of £3.1m and another whopping impairment charge, which came in at £253m.
IC TIP:
Hold
at
82p
But trading has been steadily improving since the second half and broker Execution Noble points out that securitisation documents show dry rents on the cusp of turning positive, which should help underpin profitability and property valuations.
Nearly all the impairment charge was non-cash items and only against 1,300 non-core pubs, which the group is looking to sell. Meanwhile, new chief executive Ian Dyson is reviewing strategy.
Price: 121p
When: 1 Oct 2009
