Hospitality operator Punch Pubs and Co has reported pre-tax profit for the year to 11 August rose from £1.3m to £17.6m year-on-year, as revenue increased by 3.4 percent.

Takings for the year reached £324.4m, up from the £313.6m recorded in 2023, with the £264.8m invested in its estate since 2018 paying dividends.

“Our pubs are not just businesses; they are vital parts of our society,” said a board spokesperson. “We are committed to elevating them to their best, focusing on creating inspiring moments that leave lasting memories.”

“We also strive to make a difference within the communities our pubs serve while driving them forward to ensure the very best experience for our guests.”

Punch has acquired more than 50 pubs from rival operators over the last 12 months, including 14 purchased from Blackrose Pubs as recently as October, bringing the company’s UK estate to approximately 1,300 venues.

“Our business benefits from high EBITDA margins with low central overheads,” added the board.

“Our overheads are limited and comprise primarily of non-pub staff costs and central activity costs, such as marketing and IT-related costs. We also benefit from low property rental expenses, as the vast majority of our premises are freehold properties.”