Fears about consumer spending overshadowed a solid set of interim results by Punch Taverns in late April when pre-tax profits jumped 37% to £99m. The shares slipped in late April to 623.5p but have now climbed to 685p and some brokers believe they will top 800p. Punch's community pubs tend to have far more loyal customers than the branded high street pubs. The company is described as highly acquisitive with a good track record on deals, and a defensive stock which remains undervalued. The Sunday Telegraph 05/06/05 (Business) page 9