Wet Weather Knocks Pub Firm Punch's Profit

Britain's biggest pubs firm Punch Taverns said on Thursday full-year profit for the year would be 2% to 3% lower than previously expected, after the wettest British summer on record took its toll on beer sales.

On average the firm had been expected to post a full-year pretax profit of 286.6 million pounds ($576.3 million), according to a Reuters Estimates poll of 17 analysts.

Punch added that Finance Director Robert McDonald was to retire and be replaced by Phil Dutton.