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Punch hit by £663m property writedown
Punch Taverns has reported a 38.9 per cent decrease in pre-tax profits in its preliminary results for the year ending 22 August 2009 after writing down the value of its pubs by £663m.
Compared with its results for the previous year, the group has seen pre-tax profits drop by more than £100m to £160m during the 52-week period after reporting total annual losses of £405.7m. However, Punch Taverns said that it had successfully reduced its net debt by more than £1bn and is now aiming to return the company to a position where it can deliver long-term growth.
Giles Thorley, Punch Taverns chief executive, said: "Our swift action has reduced the company's net debt by more than £1bn during the year, as we've heeded the challenges facing the economy and the industry. "The trading environment remains challenging and lacks visibility, hence we remain cautious despite the measures undertaken. We are nevertheless confident that the significant progress we are making positions us well for the longer-term opportunities in the sector."
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