Latest news
Punch Taverns reports World Cup sales boost
Pub group Punch Taverns has revealed that this summer's World Cup has helped increase like-for-like sales at its managed estate during the 44 weeks ending 26 June 2010.
The company said that the good weather in May and June had helped offset losses incurred as a result of inclement conditions in early 2010, while it remains on track to meet expectations for the full year. However, Punch Taverns has warned of "uncertain" conditions that still face the industry, with the government's decision to keep the beer duty escalator despite a proposed increase in VAT.
A Punch Taverns spokesperson said: "While we recognise that the government needs to take steps to bring the economy back into line, we hope that the VAT increase will be a short term measure that will be rebalanced in the future. "The tax rises and reduction in public spending announced in the recent budget will inevitably put further pressure on unemployment levels, reduce disposable incomes and constrain consumer confidence. Against this backdrop, we believe it is sensible to plan cautiously and have prepared our financial plans accordingly."