Punch Taverns has pledged greater support for pub operators that have voiced concerns that rent and beer prices are too high.

A company spokesman said that out of the group's 4,300 retailers there had only been 60 written complaints, but it recognised the importance of all tenants being happy with the way businesses were set up.

As leases come up for renewal, Punch says tenants will be offered a deal whereby their rent is higher but with greater discounts on beer sales. The company says the incentive for tenants is the opportunity to have greater control over their businesses and sales promotions.

After a volatile year, including a demerger, a stock market flotation and the departure of chief executive Stephen Lambert with a pay-off of around £230,000, the group plans to continue acquiring pubs, at the rate of about five per week. Giles Thorley, chair, says investments and acquisitions are progressing well: 'Over 100 pub redevelopment projects are either completed or underway, and a further 50 pubs have been purchased, including 37 from Greene King.

In the first trading results since flotation, Punch Taverns reported a turnover increase of 6 per cent from £370m to £392m in the year to 17 August. Pre-tax profit was £93m, compared with £85m in 2001, excluding exceptional and non-recurring costs of £213m arising from the demerger and flotation early in the year.

Thorley says the group's focus is on attracting and supporting the best retailers - tenants and lessees - with innovative recruitment, training, lease improvement and capital investment programmes: 'Our objective is to have a win-win partnership, whereby returns are increased for our retailers, the company and our shareholders.'