Punch Taverns, Britain's biggest pub company, has seen income down 5.2% in the past 12 months according to its full year trading statement.

The figures also show final quarter income down 5% on the previous year although average net income per pub rose 0.9%.

The firm points out in its statement that the comparison with the previous year is affected by the impact of the 2010 World Cup which added between 1% to 2% to revenues.

2011 has been a dramatic year for Punch following the demerger of the Spirit business at the beginning of August, leaving Punch focussed on its 5,000 leased and tenanted pubs.

Of the 5,000 or so pubs in the estate, however, around 2,000 have been earmarked for disposal over the next five years, leaving a core business of just under 3,000 outlets. This "core estate" saw net income fall 2.1% year-on-year from the previous year, while fourth quarter like-for-like income was down 2.4% from a year earlier.

Punch has already sold around 300 pubs this year to the value of £108m.

In common with other pubs groups, Punch has seen London and the South-East outperform other regions. The continued renaissance of real ale saw the company renew its focus on cask ale, which resulted in this category outperforming in "wet" sales.

Roger Whiteside, Chief Executive of Punch Taverns, said of the results: "Punch is now a dedicated high quality leased and tenanted pub business. Having completed the demerger, we have a clear operational and strategic plan and we will build on the positive momentum delivered throughout this year. Despite the challenging UK consumer environment we are on track to meet our expectations for the full year."

BS

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