6th Aug 2015 07:13
LONDON (Alliance News) - Pub company Enterprise Inns PLC on Thursday said its trading performance remains encouraging and said it remains on track with its substantial restructuring plan.
The FTSE 250-listed company said its like-for-like net income growth from its leased and tenanted estate in the 44 weeks to August 1 was 0.6%. It said it was particularly encouraged by the growth it saw in the third quarter to June 27, when like-for-like net income was up by 0.4% despite the tough comparative caused by the FIFA World Cup falling the year earlier.
Enterprise said trading this year was given a boost by favourable weather conditions and improving consumer confidence, which provided good trading conditions for many of its publicans. Enterprise said it is trading in line with its expectations for the full year to the end of September.
Elsewhere, Enterprise said its strategic restructuring its on track. Its leased and tenanted business is trading well as the group provides operational and commercial support to its publicans in order to help them grow their businesses. This has resulted in a sharp decline in business failures year-on-year, down 23%.
It has increased the number of pubs trading under its Bermondsey and Craft Union operations to 22, up from 16 in May, and is on track to have 30 managed houses operating by the end of September.
"We are focused upon the successful execution of our strategic plans. The first priority is to ensure that our reinvigorated tied tenancy business continues to perform well. It is pleasing to have maintained our growth momentum with like-for-like net income growth achieved for our eighth consecutive quarter," said Simon Townsend, Enterprise's chief executive.
Enterprise shares were up 3.8% to 119.1 pence in early trade, one of the best performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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