Punch Taverns this morning said that trading was "satisfactory" and in line with expectations. Turnover growth in the like-for-like estate saw a drop from 2.9% to 2.5% for the year to 20 August. Full year results are expected to be announced on 10 November. Trading in the former Pubmaster and InnSpired pubs, not yet included in the like-for-like estate, was also described as positive. Giles Thorley, the company’s chief executive, said: "Focus on our retailers and development of the estate through selective acquisition and investment continues to provide steady growth. "We are confident that these activities will continue to show benefit into the forthcoming year." During the year the group, which has more than doubled in size in two years, acquired InnSpired Group and Avebury Holdings, which added 471 and 409 pubs respectively. The integration of Avebury is expected to be completed by mid-October. In addition, the group acquired 106 individual pubs during the year. At 20 August the estate comprised 8,227 pubs, prior to the recently announced sale of 45 pubs to Admiral Taverns. On 1 August Punch completed the restructuring of part of its securitised debt which refinanced the acquisitions of Pubmaster and InnSpired onto improved terms and raised additional cash, some of which has since been used in the acquisition of Avebury. The group’s core business is now entirely funded by long term, securitised, fixed rate debt, whilst cash and further debt facilities are available for acquisition opportunities. The company said that over 20% of licences have been granted under the new regime, with all expected to be in place from November.