Punch stressed its balance sheet remained strong, but said it was mindful of challenging market conditions and the need to invest in its pub estate.

In the company's leased estate, which comprises 7,560 pubs, the like-for-like contribution from outlets fell 3.4 per cent over the financial year to August 23.

The managed pub estate of 864 pubs reported a sales decline of 3.3 per cent.

Elsewhere, Currys and PC World owner DSG International today reported first quarter sales down seven per cent and said it remained "very cautious" as economic conditions continue to hit consumer confidence.

The firm outlined progress on its plan to revive the business, including the trial of a larger format store in the UK and aims to save a further £25m under a "line by line" cost review.

DSG also announced that chairman Sir John Collins is to retire next September after six years in the role and is starting the search for his replacement.