Pub group Punch swings to a £15.1m profit after snapping up 74 pubs despite pressure on the sector

Revenues at the Burton-upon-Trent firm rose 11.8% to £377.8m in the year to August 9, reversing last year's £28.3m loss. Thirty of the new sites came from Hertfordshire group McMullen's, taking the estate to 1,327 pubs. Chief executive Andy Spencer says Punch enters the new year with 'real confidence'. Underlying earnings climbed 13% in the eight weeks to October 4.

Punch spent £55.1m on acquisitions, more than doubling last year's tally of 35 pubs.

A further 12 pubs worth £12.8m have been agreed or bought since August.

Another £68.2m was poured into refurbishing pubs, including £56m on its existing estate.