Punch Taverns, the largest pub and bar operator in Britain, has announced a 28 per cent rise in half-year profits.
In the 28 weeks ending March 3rd earnings before tax and after exceptional items increased to £138 million.
During the same period Punch Taverns acquired 50 pubs, transferred 260 from managed status and sold 37, contributing to a 26 per cent rise in revenue to £340 million.
Giles Thorley, chief executive of the group, said the "excellent" results were underpinned by an average eight per cent rise in individual pub profits.
"Both our leased and managed estates continue to perform well and will be further enhanced by the completion of the transfer to lease process and recently announced corporate transactions," he said.
"We now have in place an estate of the highest quality. We remain confident of another year of progress for the group as we continue to build the UK's leading pubco and to maximise value for shareholders."