Punch Pubs Posts Strong Half-Year Results as Acquisitions and Partnerships Drive Growth
Punch Pubs has delivered a solid set of interim results, with revenues climbing 9.4 per cent to £184.1 million for the 28 weeks ending 22 February 2026, up from £168.3 million recorded during the equivalent period a year earlier.
Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) also moved ahead, rising 7.0 per cent to £50.2 million, as the pub operator pointed to a combination of like-for-like estate growth, targeted acquisitions and the ongoing expansion of its Pub Partnerships division as the key drivers behind the improved performance.
The group, which now oversees a portfolio of 1,298 pubs across the UK, completed the purchase of 35 sites during the half-year at a combined cost of £25.4 million. The acquisitions included a number of pubs from regional brewer McMullen’s, a package of four sites, and three further individual purchases, and recently announced the acquisition of the Tap on the Tutt pub in Boroughbridge, York.
Activity has continued beyond the reporting period, with Punch confirming it has completed, exchanged or agreed terms on a further 21 acquisitions totalling £21.2 million. The business said it continues to identify a healthy pipeline of opportunities, particularly across single-site transactions and smaller pub portfolios.
Punch attributed much of its resilience to the character of its estate, which is weighted towards community and drinks-led venues rather than high street, city-centre or late-night outlets. Drink sales accounted for approximately 77 per cent of pub revenue across the period — a profile the group believes insulates it from some of the more acute pressures facing other parts of the licensed trade.
The company also highlighted the structural advantages of its operator model, under which pubs are run by independent entrepreneurs rather than directly employed managers. This approach, Punch noted, limits its direct exposure to the rising employment costs that have weighed heavily on fully managed pub businesses across the sector.
Thirty pubs were transferred into the Pub Partnerships division over the half-year, a notable increase on the 11 transferred during the same period in the prior year. By the end of the reporting period, 71 per cent of the estate operated under leased and tenanted arrangements, with the remaining 29 per cent sitting within Pub Partnerships.
Chief Executive Andy Spencer said the results reflected both the quality of the estate and the calibre of the operators running individual sites.
“I am pleased to see continued revenue and profit growth across our business, reflecting the resilience of our community-focused pub estate and the entrepreneurial flair of our brilliant publicans,” he said.
“These results demonstrate the strength of our business model, combining selective acquisitions, targeted investment and an expanding partnerships business. Despite current industry-wide headwinds, we remain excited about the long-term growth opportunity ahead.”
Capital expenditure of £28.4 million was deployed across expansionary and maintenance projects during the period, with energy efficiency forming a notable part of the programme. Punch reported that 95 per cent of its non-listed pubs have now achieved a Standard Assessment Procedure (SAP) energy rating of C or above, with the group targeting full compliance across the eligible estate before the close of 2026.
Early trading in the current period has provided further encouragement, with the eight weeks to 19 April delivering underlying EBITDA ahead of the same stretch last year — suggesting the momentum built in the first half has carried through into the spring trading period.