Rain dilutes Punch profits in UK

Pubs operator Punch Taverns today said the soggy summer would dampen full year profits.

The group, which has a strong presence in flood-hit areas such as the Midlands, warned pre-tax profits could be up to 3% lower than previous expectations after the poor weather and flooding at the start of summer hit trading.

However the company added that it had seen “no significant impact” on the business from the smoking ban introduced on July 1.