17th Nov 2015 08:52
LONDON (Alliance News) - Enterprise Inns PLC Tuesday said it swung to a loss in its recently-ended financial year as it booked higher one-off costs than the prior year and it also saw a fall in revenue.
Shares in Enterprise Inns were trading up 5.3% at 100.007 pence Tuesday morning.
The pub company said it made a GBP71 million pretax loss in the year ended September 30, having made a GBP36 million pretax profit the year before, as it booked higher exceptional costs of GBP193 million compared with GBP85 million the prior year.
Revenue, meanwhile, decreased to GBP625 million from GBP632 million.
Enterprise Inns added that trading in the first six weeks of the new financial year was in line with expectations.
"While the market in which our pubs operate remains highly competitive, and as we prepare for the implementation of new legislation in 2016, we are encouraged by the continuing momentum of our business, reflecting the exceptional efforts of our publicans and the strength of our relationships with them," Chief Executive Simon Townsend said in a statement.
"The implementation of our strategic plan is on track, providing us with greater flexibility with which to optimise returns from each of our assets and deliver greater value to our shareholders. Our managed house estate is being successfully expanded and our commercial property portfolio continues to grow in both scale and quality in line with our plans," he added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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